The circulating supply of ETH has been steadily increasing for nearly 72 days, with an increase of nearly 50,000 ETH (168.7 million US dollars) since mid-April. This means that Ethereum is currently in its longest period of inflation to date. At the same time, the number of transactions on the Ethereum mainnet continues to increase, and second-layer activities are also showing explosive growth. Historical data shows that since the merger in September 2022, ETH has only experienced prolonged inflation in a few cases, the longest being 40 days shortly after the hard fork and 30 days at the end of last year.