Ether price may dip after ETF ‘novelty’ wears off due to surging supply
Into The Cryptoverse founder Benjamin Cowen says if supply keeps increasing it will “revert” to similar levels before the Ethereum Merge in September 2022.
Ethereum’s price might decline after the initial buzz surrounding spot Ethereum exchange-traded funds (ETF) wears off if its supply continues to increase at the current rate, according to an analyst.
“If the supply of ETH keeps increasing by ~60k/month like it has been since April, then by Dec the supply will be back to what it was at the merge,” crypto trader and Into The Cryptoverse founder Benjamin Cowen wrote in a July 19 X post, referring to when the much-anticipated Merge transitioned Ethereum (ETH) to its current proof-of-stake consensus model in September 2022.
Ethereum, which became deflationary after the Merge, saw its supply drop by approximately 455,000 ETH by April 2024.
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Author: Ciaran Lyons
