Ethereum · ETH
The settlement layer for stablecoins and real-world assets
ETH anchors the on-chain settlement layer for stablecoins and RWA, but the burn has faded to almost nothing while issuance runs on — and you mainly need the coin to pay gas, not to capture that growth.
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ETH · validators are paid in new coins, and the burn no longer comes close.
ETH is the native coin of Ethereum, a proof-of-stake Layer 1 — ~120.68M circulating, no hard cap, with about 35% of it staked.
Sell pressure. Validator issuance is the only mint — about 257.0K ETH over 90 days, roughly 2,856 a day, plus about 3.0K ETH drained out of the Ethereum Foundation wallets. There is no vesting, no team unlock and no estate schedule.
Buy pressure. Only the base-fee burn — about 3.9K ETH destroyed, roughly 44 a day, as activity sits on cheap Layer 2 blob space.
Net. About 0.21% of supply to market over 90 days, and 0.22% projected for the next window — supply is close to steady, tilting mildly up because the burn now covers barely 1.5% of what validators are paid.
Validator issuance is Ethereum's only mint. Over 90 days total supply rose 253.1K ETH and 3.9K ETH was burned, so 257.0K ETH was newly issued — about 2,856 a day. The rate is set by the protocol's own curve, which pays out in proportion to the square root of the staked pool: 42.39M ETH is staked today, and that curve says 1.08M ETH a year. Realised came in at 96.3% of it, because the pool grew all window and some balance in the count belongs to validators already on the way out.
There is no vesting schedule and no unlock contract. The 2014 crowdsale and both founding endowments were fully distributed by 2017, and no unlock tracker carries an entry for this coin.
The Ethereum Foundation cluster — a main multisig, two disbursing safes and one operational wallet — fell from 12.5K to 9.5K ETH across the window, a net 3.0K ETH out. Three 1,000 ETH tranches left the multisig on Jul 15, Jul 27 and Aug 11 2026, each traced to its recipient; 700 ETH of that is still sitting inside a Foundation safe and is not counted. The 9.5K ETH still held, plus roughly 70K ETH the Foundation staked in 2026, are the tracked overhangs. Large corporate ETH treasuries are not counted here — those coins were bought on the open market and are already in the float.
No estate distributes ether. The large crypto bankruptcies settle their claims in cash, so no trustee schedule releases ETH into the market.
There is no buyback. Validators are paid in freshly minted coins rather than bought ones, and the protocol holds no treasury it could bid with.
Every base fee is destroyed, blob fees included — but that came to only 3.9K ETH, about 44 a day, or roughly 1.5% of what validators were paid. Priority fees and MEV go to the block proposer and are never burned. Measured two separate ways this window, the readings agree inside 9%. The rate keeps sliding: 44 a day across 90 days, 36 a day over the last 30, with a brief bounce to 61 a day in the last week. Base fees ran near 0.1 gwei against a 60M gas limit because rollup data sits on cheap blob space.
The Ethereum Foundation sells to fund research and grants; it does not buy. No accumulation programme has been announced.
Staking keeps growing, but it is not a lock in this sense — there is no lockup contract with a stated size, no staking cap, and the exit queue is effectively empty, so anyone can leave at will or hold a liquid staking token instead. Re-tested this window and the answer is unchanged. The growing stake is counted where it actually acts, on the mint side.
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