Ethereum's supply has been inflating since mid-April, with over 112,000 ETH added to the overall supply. This inflationary trend is believed to be a result of the Dencun upgrade in March, which introduced nine Ethereum Improvement Proposals (EIPs), including EIP-4844. This EIP introduced "blobs," a mechanism that allows transaction data to be stored separately, reducing fees for block data on Ethereum layer 2 networks. Despite the recent inflation, the total supply of ETH has decreased significantly since The Merge in 2022, with more than 1.5 billion ETH burned and an overall supply reduction of 345,000 ETH, worth over $1.1 billion.