Ethereum's net supply increased by 16,913 coins in the last week.
What does this mean? In simple terms, the total amount of ETH in circulation has increased, which runs counter to the previous trend of "burning > issuance" and ETH moving towards deflation. 35,946,690,009
Why is this happening?
The main reason is that on-chain activity has cooled down recently, resulting in less ETH being burned, while the basic block rewards are still ongoing, leading to a net increase in overall supply. With fewer on-chain transactions and low GAS fees, naturally, less is being burned.
What does this imply?
The pressure of scarcity on ETH has eased in the short term, which isn't a direct blow to the price, but it is a potential small negative factor.
Of course, we need to consider the macro environment as well, such as the explosion of Ethereum's Layer 2, capital inflows, or expectations for a big market in May; these factors may be more significant.
In summary:
An increase in supply is not a major issue, but it reflects insufficient on-chain activity, and on-chain activity is the true "thermometer" that can determine ETH's market trends.