According to U.Today, a recent report by crypto ranking platform CoinGecko highlights the progress of Ethereum (ETH) burns since the start of 2024. As of August 5, 2024, the Ethereum network has burned 465,657 ETH since the beginning of the year. Since the implementation of EIP-1559 in June 2021, a total of 4.36 million ETH have been burned. March 2024 recorded the largest monthly burn for the year at 147,620 ETH, although this figure is still lower than the all-time high of 398,061 ETH burned in January 2022. In July 2024, the network burned 17,114 ETH, marking a monthly all-time low for the year and a 35.0% decrease from June. The second quarter of 2024 saw 107,725 ETH burned, a 67.7% decrease from the 333,555 ETH burned in the first quarter of the year. Uniswap emerged as the top ETH burner in 2024, burning 71,915 ETH. ETH transfers were the second-largest contributor, burning 33,538 ETH, followed by Tether (USDT) with 23,332 ETH, and Banana Gun (BANANA) with 11,060 ETH. Ethereum, the second-largest cryptocurrency by market cap, has recently experienced a significant price decline, leading investors to speculate on the continuation of the bearish trend. However, futures market data suggests a potential reversal, as indicated by a recent CryptoQuant analysis. The recent drop in Ethereum's price has triggered long liquidations, reaching levels not seen since November 2022. This substantial liquidation indicates a cooling of the futures market, as many leveraged positions have been cleared out. This scenario may pave the way for renewed interest in the futures market. With the market potentially reset, if demand returns, Ethereum could be poised for a significant price rally in the long term. The cooling of the futures market may attract new investors and stabilize the market, suggesting a possible recovery from the recent price downturn. At the time of writing, ETH was up 2.4% in the last 24 hours to $2,695 and up 12% weekly.