Golden Finance reported that according to data aggregator Ultrasound.money, the global ETH supply has surged by nearly 30,000 ETH in the past 30 days alone, equivalent to approximately US$47.9 million.
The sharp increase in ETH circulation is mainly due to the equally significant decline in transaction flow on the Ethereum network: NFT transactions have dropped significantly, DeFi activities have also dropped significantly, and Ethereum's Gas fees have also been hovering at low levels recently. The current average network transaction fee is 7 gwei, or $0.24.