Definition. This chart presents the observed change in ETH supply on an hourly basis, immediately following the Merge, where Proof-of-Work issuance ceased permanently (15 September 2022, 06:50 UTC). It presents the Net Supply Change Post Merge 🔵 as a single trace, factoring in Proof-of-Stake issuance and the EIP-1559 burn, alongside price (grey).

Technical. The net trace is the sum of cumulative issuance and cumulative burn measured from the Merge timestamp at hourly resolution:

• Net Supply Change = cumsum(diff(Minted Supply, 1), "2022-09-15 06:50") - cumsum(diff(Burned Supply, 1), "2022-09-15 06:50")

Values above zero mean more ETH has been issued than burned since the Merge (net inflation); values below zero mean the burn has exceeded issuance (net deflation).

Interpretation. This is the headline summary of Ethereum's post-Merge monetary behavior: a single running total of how much ETH exists now relative to the moment Proof-of-Work issuance stopped. Downtrends in the trace mark deflationary stretches driven by strong blockspace demand and heavy BASEFEE burn, while uptrends mark quieter periods in which the modest Proof-of-Stake issuance dominates. Comparing the trace's level to zero at any point answers whether the supply is net smaller or larger than at the Merge.

Notes. Built from Minted Supply and Burned Supply. For the same view decomposed into its issuance and burn legs, see Post-Merge Supply Dynamics; for annualized rates see Proof-of-Stake Net Inflation Rate.