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2,500 ETH Burned Today, Here’s What Happens to Price

Mon, 08/07/2023 - 15:16
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Yuri Molchan
A big lump of Ethereum has been burned beyond schedule, here’s how the price reacted
2,500 ETH Burned Today, Here’s What Happens to Price
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Twitter user @sassal0x has tweeted that an anonymous ETH user has transferred 2,500 ETH to the dead Ethereum wallet. This amount of Ether is worth $4.6 million. Nobody knows who this burner was and why he decided to remove the aforementioned ETH stash.

However, @sassal0x made a reminder that roughly every 30 hours, the Ethereum network removes 2,500 from the circulating supply thanks to the EIP-1559 upgrade implemented two years ago.

By now, since then, a total of 3.5 million Ethereum has been burned worth approximately $6.4 billion in fiat. Burning in plain language means reducing the circulating supply of a cryptocurrency by moving coins to unspendable wallets.

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Still, despite these massive daily burns, the ETH price has been unable to show any impressive performance. Currently, the second largest crypto is trading at $1,826 after a small decline. Earlier today, Ethereum managed to go up by 0.85% but has erased this gain by now.

Aside from that, Ethereum stakers keep adding their ETH to the Ethereum 2.0 deposit contract. According to the data shared by Glassnode recently, the total amount of ETH locked within the contract has reached 27,047,171 ETH – that is a new all-time high.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at