According to PANews, Ethereum gas fees are currently between 5 and 10 gwei, one of the lowest levels this year. The decline in network fees has led to a decrease in the amount of ETH destroyed. On Sunday, the amount of ETH destroyed was only 610 ETH, a new low so far this year. In contrast, the daily ETH destruction in the first four months of this year remained above 2,500-3,000 ETH.

According to Ultrasound.money, Ethereum's supply has already seen inflation over the past week, with a supply growth rate of 0.49%, which is the opposite of its previous deflationary nature. If activity picks up and more ETH is destroyed than issued, it will fall into deflation again.