According to data from ultrasound.money, the circulation of Ethereum has rebounded to over 40,000 since the merger when it was at its lowest.
Previously, the circulating supply of Ethereum decreased by more than 300,000 coins compared with before the merger. Later, due to the reduction in network activities and the reduction of gas fees, the amount of additional issuance began to exceed the amount of destruction.
The current circulating supply has dropped to approximately 257,000 coins compared to before the merger.