$13 million worth of ETH was destroyed as the supply decreased due to deflation.

Recent data from the Ethereum network indicates that the Ethereum supply has once again entered a deflationary phase. Over the past 30 days, $13 million worth of Ethereum (ETH) has been burned, with the net supply change showing a decrease of 5,619.39 ETH. The deflationary pressure is attributed to the network's burning mechanism, which has consumed 74,933.24 ETH, surpassing the 69,313.86 ETH issued during the same period.

The significance of this deflationary trend could signal an upcoming recovery for Ethereum. The decreasing supply suggests that the current amount of ETH in circulation is reducing, potentially leading to an increase in the value of each token, assuming demand remains stable or increases. This motivation, coupled with the ongoing development and continuous adoption of the Ethereum network, may set the stage for a bullish scenario.



Analyzing the Ethereum chart, a crucial factor is the potential breakthrough of the Exponential Moving Average (EMA) 50-day. Currently, Ethereum is hovering just below this level, and a move above it could confirm a shift in market sentiment, potentially triggering upward price movement.

However, it is essential to acknowledge that the current market momentum for Ethereum is relatively weak. Despite the burning of the supply and deflation, the lack of significant network activity or breakthrough updates has hindered the token from gaining substantial momentum.

Even the actions of Ethereum co-founder, Vitalik Buterin, who has historically influenced the market, seem to provide only a moderate boost under the current conditions.

The market is anticipating a catalyst that can ignite Ethereum's dominance in the blockchain space. While the decreasing supply is a positive sign, without a concurrent increase in demand or network utility, the impact on prices may be limited.

The mysterious Ethereum wallet has awakened after nearly 9 years of dormancy.

The cryptocurrency data tracking tool, Whale Alert, recently reported that a previously inactive pre-mined address containing 492 ETH, currently valued at $1,139,052 USD, has suddenly become active after 8.5 years.

The owner of the wallet likely purchased the tokens during Ethereum's initial coin offering (ICO) when each ETH was valued at around 31 cents. However, the wallet remained inactive for the next 8 and a half years, never sending or receiving any transactions. This raises curiosity and speculation, as it prompts questions about who held the wallet and why it was never utilized.

Inactive wallets with a significant amount of cryptocurrency may re-emerge for various reasons. Sometimes, inactive wallets resurface after being dormant due to security concerns or hacking. In other cases, it could be that the owner simply forgot about it, and upon recollection, they may feel that the current time is opportune to sell or use the funds.