Ethereum has a fluctuating total supply because it is not hard-capped like Bitcoin.
- As of mid-2025, the total supply of ETH is approximately 120 million ETH.
- However, since the London upgrade (EIP-1559) in 2021, a portion of ETH is burned with every transaction, which reduces the net issuance.
- After The Merge in September 2022 (when Ethereum switched to Proof-of-Stake), ETH issuance dropped significantly — currently around 0.5% inflation or even deflationary during high usage periods.
You can check the real-time Ethereum supply at sites like:
https://ultrasound.money
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