According to a recent tweet by founder and CEO of the 1confirmation venture fund, Nick Tamaino, in the third quarter of this year, a jaw-dropping amount of Ethereum has been incinerated: 367,779.96 coins.
409,669 ETH burned
1confirmation is a venture fund supported by such big names as billionaire Mark Cuban and billionaire Peter Thiel – both former vocal critics of crypto who turned into large crypto supporters recently.
That amount of Ether is worth more than $1.2 billion in fiat. More precise figures are provided by ethburned.info: the total amount of Ethereum burned is 409,669.05, worth $1,358,695,270.66.
Over the past hour, 251.14 ETH have been destroyed - the equivalent of $811,370.23.
The mechanism for burning Ethereum fees was introduced in the EIP-1559 upgrade that was rolled out on Aug. 5, also known as the London hard fork.
Ethereum recaptures $3,250, exchange inflows drop
In the meantime, Ethereum has recovered to the $3,250 area, following Bitcoin's spike from $44,000 to almost $48,000 earlier today. The number of small Ethereum wallets has risen to 3.8 million, according to data shared by IntoTheBlock.
Glassnode has shared that the number of Ether inflows to exchanges (7-day MA) has dropped to a one-month low, reaching $23,957,870.33 in fiat.
The amount of small-sized ETH investors holding more than 0.1 ETH just demonstrated a rise to an ATH of 5,705,698.