After the merger, Ethereum has entered a deflationary state. 597 days have passed since the merger, and the cumulative reduction of 430,000 Ethereums has accounted for 0.358% of the total 120 million Ethereums.

Why are so many Ethereums being destroyed? What is the current ratio of Ethereum output and destruction, and is it possible to enter a deflationary state?

More than $13 billion of ETH has been destroyed since the deployment of EIP-1559

Ultra Sound Money data shows that since the deployment of EIP-1559 in early August 2021, more than 4.28 million ETH have been destroyed, which is more than $13 billion at current prices.