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Ethereum Circulating Supply Rises by More Than 1 Million Since the Merge

Ethereum Circulating Supply Rises by More Than 1 Million Since the Merge

Data from ultrasound.money indicates Ethereum’s supply has climbed to about 121.53 million, with an annualized inflation rate of roughly 0.24% since the Merge (Ethereum’s shift to proof-of-stake).

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Fact Check
Multiple independent news reports from March 2026 (RootData, MEXC, Bitget) citing ultrasound.money confirm that the Ethereum circulating supply reached approximately 121.53 million ETH, which is an increase of over 1 million ETH since the Merge in September 2022. The annualized inflation rate of 0.24% is also consistently reported. Historical data from The Block confirms the supply at the Merge was around 120.52 million, making the 1.01 million increase mathematically consistent.
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Terms & Concepts
  • The Merge: Ethereum’s 2022 transition from proof-of-stake (blockchain validation by staked coins), replacing the previous mining-based system.
  • Circulating supply: The amount of a cryptocurrency currently available in the market and tracked as part of its live token supply.
  • Inflation rate: The pace at which a cryptocurrency’s supply expands over time, affecting issuance dynamics and scarcity.