Understanding the Ethereum supply is essential for investors, developers, and crypto enthusiasts who want to grasp the network’s economic health and long-term sustainability. As one of the most influential blockchain platforms, Ethereum's circulating supply reflects not only issuance trends but also the impact of upgrades like The Merge and EIP-1559, which altered how new ETH is minted and how fees are burned.
This article dives deep into real-time and historical Ethereum supply data, analyzes growth patterns, and explores the forces shaping supply dynamics in 2025. Whether you're evaluating investment potential or studying network behavior, this guide offers actionable insights backed by up-to-date metrics.
Current Ethereum Supply Overview
As of July 2, 2025, the total circulating supply of Ethereum stands at 120.72 million ETH. This figure remained unchanged from the previous day, marking a 0.00% daily fluctuation. Compared to the same period last year—when the supply was approximately 120.19 million ETH—this represents a modest annual growth rate of 0.44%.
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Despite daily updates, Ethereum’s supply has stabilized significantly over recent months. From May 14 to July 2, 2025, the supply hovered consistently between 120.72 million and 120.73 million ETH, indicating minimal net issuance. This stability follows years of more rapid expansion and reflects structural changes in Ethereum’s monetary policy post-proof-of-stake transition.
Key Supply Statistics (as of July 2, 2025)
- Latest Value: 120.72M ETH
- Reporting Frequency: Daily
- Last Updated: July 3, 2025, 06:36 EDT
- Next Data Release: July 4, 2025, 06:30 EDT
- Average Annual Growth Rate: 5.24% (long-term average)
- Unit of Measurement: Ether (ETH)
The average growth rate of 5.24% accounts for early high-issuance phases and does not reflect current conditions. Since The Merge in 2022, annual issuance has dropped dramatically—from over 4% per year to less than 0.5%, with periods of negative net issuance due to fee burning.
Historical Supply Trends (June – July 2025)
Recent historical data reveals a period of remarkable supply stability:
- June 1 – July 2, 2025: Supply held steady at 120.72 million ETH for over 30 consecutive days.
- May 14 – May 31, 2025: Slight elevation to 120.73 million ETH, likely due to minor block rewards outpacing burned fees during higher network activity.
- Gradual Decline in Volatility: Unlike earlier years marked by sharp increases from mining rewards, Ethereum’s supply now changes incrementally—or not at all—on a daily basis.
This flattening trend underscores the success of Ethereum’s shift to a deflationary or low-inflation model under proof-of-stake. With staking rewards now capped and transaction fees partially removed from circulation via EIP-1559, supply growth is both predictable and restrained.
What Drives Ethereum’s Supply Changes?
Three core mechanisms govern Ethereum’s circulating supply:
1. New ETH Issuance via Staking Rewards
Post-Merge, new ETH is issued as rewards to validators who secure the network through staking. The current annual issuance rate hovers around 0.3–0.5%, depending on total staked ETH and network utilization.
2. Fee Burning (EIP-1559)
A significant portion of transaction fees is permanently destroyed through EIP-1559. When network demand is high, more fees are burned—sometimes exceeding new issuance—leading to net deflationary periods.
For example:
- During NFT mints or DeFi surges, fee burn can reach 1,000+ ETH per day.
- In quieter periods, burn rates drop below 100 ETH/day, allowing slight net inflation.
3. Validator Withdrawals
Since the Shanghai upgrade in 2023, validators can withdraw their staked ETH. While these withdrawals don’t reduce supply directly, they increase liquidity and influence market dynamics.
Frequently Asked Questions (FAQ)
Q: Is Ethereum’s supply capped like Bitcoin?
A: No. Unlike Bitcoin’s hard cap of 21 million coins, Ethereum does not have a fixed maximum supply. However, its issuance is algorithmically controlled and often offset by fee burning, leading to potential deflation over time.
Q: Why has Ethereum’s supply been flat recently?
A: The balance between new ETH issued as staking rewards and ETH burned through transaction fees has reached equilibrium. In many cases, burn rates nearly match or slightly exceed issuance, resulting in near-zero net supply change.
Q: Can Ethereum become deflationary permanently?
A: It already has during high-usage periods. If network activity remains consistently strong and staking participation stabilizes, Ethereum could maintain a deflationary trajectory long-term.
Q: How often is Ethereum supply data updated?
A: Supply figures are updated daily based on blockchain activity. Real-time dashboards track issuance and burns minute-by-minute, though official summaries are typically published once per day.
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Q: Does staking increase Ethereum’s total supply?
A: Yes—staking rewards result in new ETH being created. However, this inflationary pressure is counterbalanced by EIP-1559 fee burning. Net supply impact depends on which force is stronger at any given time.
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The Bigger Picture: Supply Stability in 2025
The prolonged plateau in Ethereum’s supply during mid-2025 signals maturation in its economic model. Investors increasingly view ETH not just as a speculative asset but as a digitally scarce resource with programmable scarcity features.
Moreover, growing adoption of Layer 2 networks (like Arbitrum and Optimism) helps reduce congestion on the mainnet, moderating fee spikes—and thus burn rates—while maintaining scalability. This indirect effect further stabilizes supply dynamics.
Looking ahead, any resurgence in decentralized application usage—especially during potential NFT or memecoin booms—could reignite deflationary pressure by increasing transaction volume and fee burns.
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Final Thoughts
Ethereum’s journey from an inflationary proof-of-work chain to a stable, potentially deflationary network marks a milestone in blockchain evolution. The current data showing a near-static supply of 120.72 million ETH reflects a balanced ecosystem where issuance and destruction mechanisms work in harmony.
For users and investors alike, monitoring these trends offers valuable insight into network health, economic sustainability, and long-term value potential. As Ethereum continues to evolve, its supply dynamics will remain a key metric for assessing its role in the future of decentralized finance and digital ownership.
By staying informed with accurate, real-time data and understanding the forces behind supply changes, you position yourself to make smarter decisions in an ever-changing crypto landscape.