The Week On-chain: The Ethereum Merge – Is ETH Supply Deflationary? (Ethereum Onchain Analysis)

This week saw the successful deployment of one of the most impressive feats of engineering in the blockchain industry: The Ethereum Merge. We explore it as it happened, on-chain.

📊 Metric of the Week:
📰 Written Newsletter:
🪟 Live Dashboard:
💬 Forum Market Pulses:

Topics For Discussion
– Suite of new on-chain metrics related to Proof-of-Stake.
– Movement of validators in and out of consensus pool.
– Current ETH supply staked and the distribution of stakers.
– Realities of the deflationary supply dynamics.

Getting Started with Glassnode:
📈 Navigating Tops and Bottoms:
⛓️ On-chain Activity:
⛏️ Mining Fundamentals:
🪙 Supply Dynamics:

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0:00 Introduction
2:30 The Merge Impact on Block Interval
4:40 Blocks, Slots and Epochs
7:15 Participation Rate and Attestation Count
9:33 Change In Active Validators
12:16 Total and Effective Staked ETH
14:22 ETH Staked by Providers
16:00 Staked Realized Price
17:26 Glassnode Updates
17:52 Picking Tops and Bottoms via Drilling Techniques
18:38 ETH Supply Concentrations
19:45 Validator Economics – ROI and Issuance
21:46 ETH Issuance Rates and the EIP1559 Burn
24:20 Full Supply Dynamics Model
26:22 Post-Merge Supply Impacts
27:07 Summary and Conclusions

The Glassnode video report provides a weekly analysis update of the trends, performance, and onchain metrics for Bitcoin and the crypto market.

This report does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.