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A recent report by crypto ranking platform CoinGecko reveals the progress of Ethereum ($ETH) burns since the start of 2024. According to the report, the Ethereum network has burned 465,657 $ETH since the beginning of the year, as of Aug. 5. Since EIP-1559 was implemented in June 2021, 4.36 million $ETH have been burned.
While March 2024 had the largest monthly burn for 2024 at 147,620 $ETH, it was still lower than the all-time high of 398,061 $ETH burned in January 2022.
How much Ethereum has been burned in 2024? 🔥
— CoinGecko (@coingecko) August 12, 2024
As of August 5, 2024, the #Ethereum network has burned 465,657 $ETH since the start of the year. Since EIP-1559 was implemented in June 2021, a total of 4.36 million $ETH have been burned.
Read the full study: https://t.co/Glym8JdIX5 pic.twitter.com/6RyW54WRWr
In July 2024, 17,114 $ETH were burned, a monthly all-time low for 2024 and a 35.0% fall from June. Meanwhile, 147,620 $ETH were burned in March 2024, setting a monthly record for 2024.
Meanwhile, 107,725 $ETH were burned in Q2, 2024, a 67.7% decrease from Q1. In the first quarter of 2024, 333,555 $ETH were burned.
Uniswap remained the top $ETH burner, burning 71,915 $ETH in 2024; $ETH transfers were the second largest contributor to $ETH burns, burning 33,538 $ETH this year so far. Tether (USDT) was the third-largest burner in 2024, burning 23,332 $ETH. Banana Gun (BANANA) was the fourth-largest burn contributor, burning 11,060 $ETH.
$ETH reversal might be on horizon
Ethereum, the second-largest cryptocurrency by market cap, has recently witnessed a major price decline, prompting investors to speculate on whether the bearish trend might continue. However, futures market data suggests that a reversal could be on the way, a recent CryptoQuant analysis indicated.
Ethereum's recent drop has sparked long liquidations, hitting levels not seen since November 2022. This significant liquidation suggests a cooling of the futures market, as many leveraged positions have been flushed out.
Such a scenario may pave the way for fresh interest on the futures market. With the futures market potentially reset, if demand returns, Ethereum may be primed for a major price rally in the long term.
The cooling of the futures market may attract new investors and stabilize the market, pointing to a possible comeback from the recent price downturn.
At the time of writing, $ETH was up 2.4% in the last 24 hours to $2,695 and up 12% weekly.