According to market intelligence platform IntoTheBlock, Ethereum’s supply has decreased by 66,000 ETH in 2023 due to the transition to proof-of-stake (PoS) consensus.

The new mechanism involves burning a fraction of ETH transaction fees, making Ethereum a deflationary currency. This news is significant for crypto enthusiasts seeking scarce digital assets.

The upcoming Shanghai-Capella upgrade, scheduled for April 12, 2023, will introduce validator staking withdrawals to the main network through Ethereum Improvement Proposal (EIP) 4895. The current ETH price is around $1,816.52, with a 26% increase in the past week.