Ethereum's latest upgrade, Dencun, was activated on March 13 — but the previous high-profile upgrade has helped decrease the total supply of ether substantially.

As of mid-week, the total supply of ether declined to its lowest level since August 2022, according to data from CryptoQuant cited by CNBC. It was shortly after that date that Ethereum made its most significant upgrade in history by changing from proof-of-work to proof-of-stake — an upgrade known as The Merge.

Furthermore, the ether supply's rate of decline is currently the fastest since May 2023. Over the past 30 days, the ether supply has declined at a rate of 0.872% per year, according to data from ultrasound.money. For comparison, since The Merge itself, the rate of decline has been 0.246%.

“High activity on the Ethereum …