Ethereum Supply

Note: This dataset is updated daily and is available via Databricks, Google BigQuery, and Snowflake.


This metric is simply the current amount of ETH in circulation. Notice how the graph flattens out around Sept/Oct 2022 which is right after the Ethereum "Merge" happened. This changed Ethereum from a PoW blockchain to a PoS blockchain and also resulted in the burning of ETH fees, which made ETH a deflationary asset. Some additional ways to think about this metric are below:

Monetary Policy and Inflation: Understanding the growth rate of ETH supply helps stakeholders evaluate the monetary policy of Ethereum. Knowing the current and projected future supply informs investors, developers, and users about inflation rates, usage, gas estimations and potential changes in purchasing power.

Market Dynamics: Changes in the supply of ETH can influence its price dynamics. Increased supply, all else being equal, can put downward pressure on price, while decreasing supply can potentially drive prices up. Traders and investors use this information to make informed decisions about buying, selling, or holding ETH.

Network Health and Adoption: Monitoring ETH supply can provide insights into the adoption and usage of the Ethereum network. An increasing supply might suggest more activity, such as more transactions or more tokens being created on the network. On the other hand, a stagnant or decreasing supply might indicate reduced activity or changes in how ETH is being utilized.

Use Cases


Monitor ETH issuance to gauge potential supply-demand imbalances and anticipate price movements, informing their buy and sell decisions in the market.


Study ETH issuance trends to assess the impact on market liquidity and price volatility, aiding in the development of trading strategies and risk management approaches.


Researcher: investigate ETH issuance patterns to understand its effect on network dynamics, ecosystem growth, and long-term sustainability, contributing to broader discussions on the evolution of Ethereum.


Block Rewards Prior to merge

Block 1: 72009990 - This is the ICO allocation.

Block 2 to 4370000: 5 ETH - Block reward until Byzantium upgrade

Block 4370001 to 7280000: 3 ETH - Byzantium upgrade which reduced block rewards from 5 to 3.

Block 7280000 to 15537393: 2 ETH - Pre-Merge Rewards.

Daily ETH Burned Post EIP 1559 (London)

ETH Burned all occurs post London fork at block 12965000

Calculation: GasUsed * BaseFeePerGas

Post Merge ETH Issuance

There are ~225 Epochs per day.

365.25 X 225 = 82181 Epochs per year, and a BASE_REWARD_FACTOR = 64

From there we can calculate the issuance of ETH :
Where N is number of validators with an effective balance of 32 ETH.

Validators are calculated as the current_eth_staked / 32

Where current_eth_staked is equal to the total ETH Deposited - ETH Withdrawn from the beacon chain.

Frequently Asked Questions

How often is this chart updated?

  • Daily.

Is this chart strictly for ETH or does it include tokens too?

  • This is strictly for the ETH supply on Ethereum.