Nearly $100 Million ETH Burned – Trustnodes

Nearly $100 Million ETH Burned

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Eth burned by the block, Aug 2021

More than 27,500 eth, worth some $83 million, has been burned in the past week as ethereum closes in on $100 million eth burned.

The network is currently running at 218.46 eth burned per hour, worth some $700,000, with it burning some 4,500 eth a day, worth nearly $15 million.

That translates to $150 million in ten days, or about $1.5 billion a quarter, higher than initial estimates of $1 billion.

Eth burned by platform, Aug 2021
Eth burned by platform, Aug 2021

The NTF boom is contributing significantly with just the OpenSea NTF buying and selling exchange burning 3,432 eth almost precisely six days since the burning began, worth $11 million.

The no orderbook exchange, Uniswap, is the second biggest burner with 2,045 eth, worth close to $7 million at current prices.

In combination with the second layer third version of Uniswap, they have burned $9.5 million in six days since the burning.

Very interestingly we have a token here, Tether. That handles $80 billion in trading volumes, way more than bitcoin or eth even combined at $60 billion a day.

The vast majority of it by far however is on centralized exchanges, but clearly considerable volumes are handled on the open source ethereum blockchain as well that amount to nearly 1,400 eth burned, worth $4.4 million.

That shows all these tokens that run on eth now directly contribute to the ethereum network by rewarding holders through burned fees, something that translates to rewarding miners as well presuming the price reacts which in line with supply and demand should do.

Hence the ethereum ratio has risen to its highest since June, with it beginning to rise in anticipation of the burning and after some volatility in the past week, appears to now be in a mini-bull run again with it rising from 0.067 to above 0.07 BTC.

ETH/BTC ratio, Aug 2021
ETH/BTC ratio, Aug 2021

Bitcoin has been rising as well in part due to the crypto amendment raising awareness of crypto in audiences that were previously unaware or uninterested.

That will now go to the House with the amendment debate so continuing in a way that may even involve physical crypto protests at crucial decision times.

Ethereum is rising faster than bitcoin however, as ethereum has the burning in addition to the crypto publicity benefiting all cryptos.

But for now it doesn’t quite look like either bitcoin or eth is leading with it seeming like they’re both kind of rising together as the burning heads towards that $100 million milestone.

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