As of October 9, Ethereum fee burns had offset only 2.07% of this year's new issuance, resulting in a net increase of approximately 778,413$ETH and supply growth of around 0.64%. A-Jian believes these figures deal a significant blow to ETH's ultrasonic money narrative. While this doesn't mean Ethereum has simply lost its value, it does indirectly show that current network fees aren't sufficient to offset issuance through burns. Whether deflation can be avoided will depend on whether ETH can rebuild its value capture during this bull market.