Ethereum's total circulating supply reached a post-Merge low today at approximately 120.5 million tokens. 

The Merge, one of the biggest technical changes in the network's history that significantly modified its economics, switched Ethereum from proof-of-work to proof-of-stake and significantly decreased the total net issuance of ether.

The decreasing supply could be linked to the increasing price of Bitcoin and rising equity markets, as traders will often respond by buying higher-risk tokens that are only available on-chain. The demand for the network, or how many users are trying to create new transactions, causes the average ether burned from each transaction to rise, further reducing supply.