• Increased demand for the Ethereum network has led to a surge in burn rate.
• This has brought about a decline in the coin’s circulating supply.

Ethereum’s [ETH] circulating supply has fallen to a new post-merge low, according to data from Ultrasound.money.

In the last month, 86,219 ETH worth around $300 million at the altcoin’s press time price has been removed from circulation in the last 30 days.

The decline in ETH’s circulating supply showed that the Proof-of-Stake (PoS) network has seen an uptick in demand and use, causing its burn rate to increase.