Ethereum miners dump 30K ETH, stonewalling 'ultra sound money' deflation narrative

Ethereum miners dump 30K ETH, stonewalling ‘ultra sound money’ deflation narrative

Ethereum’s switch to proof-of-stake (PoS) on Sept. 15 failed to extend Ether’s (ETH) upside momentum as ETH miners added sell pressure to the market. 

On the daily chart, ETH price declined from around $1,650 on Sept. 15 to around $1,350 on Sept. 20, an almost 16% drop. The ETH/USD pair dropped in sync with other top cryptocurrencies, including Bitcoin (BTC), amid worries about higher Federal Reserve rate hikes.

ETH/USD daily price chart. Source: TradingViewEthereum remains inflationary

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The Ether price drop on Sept. 15 also coincided with an increase in ETH supply, albeit not immediately post-Merge. 

$ETH is now Ultra Sound Money

— DavidHoffman.eth (@TrustlessState) September 15, 2022

Roughly 24 hours later, the supply change flipped positive once more, pouring cold water on the “ultra sound money” narrative due to

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