ETH is up 2.90% in 24 hours, and the market is buzzing. The topic odaily raised that same day: ETH burns aren’t keeping up with issuance, and Vitalik is starting to talk about store of value. The deflationary narrative and the actual data are drifting apart.
The first to be affected are those using $ETH to spin a story about “ultrasound money.” Holders need to see whether the inflation rate thesis still holds; those looking to enter need to know where the valuation anchor lies after the narrative shift. Project teams are in an even more awkward position—issuing more while talking about scarcity.
The signal worth watching is very specific: is the gap between token burns and issuance narrowing or continuing to widen? You can check this figure yourself every week, which is more reliable than listening to anyone talk up store of value. Narratives can change; the ledger won't.