Ethereum's token supply has increased by nearly 10,000 ETH within the past week, signaling a lower burn rate. Ethereum's price continued to decline on Tuesday amid the broader weakness in the altcoin space. The Ethereum Foundation executed a sale of 1,700 ETH pressuring the price further. hereum Foundation converted ETH worth $2.74 million into USDC on Monday.
The broader weakness in the altcoin market is casting a shadow over the Layer 1 king. Investor sentiment had already been tepid following the underwhelming launch of Ethereum futures ETFs. Additionally, CoinShares' Digital Asset Fund Flows Weekly Report, released on Monday, revealed that the asset attracted approximately $10 million in the week but Ethereum has witnessed year-to-date outflows exceeding $100 million.
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