Ethereum's ETH token, once described as deflationary ultrasound money because transaction fees burned under EIP-1559 and issuance fell after the September 2022 Merge, has become mildly inflationary since the March 2024 Dencun upgrade moved most activity to low-fee layer-2 rollups. The EIP-1559 change introduced a base fee that is burned for each transaction, while the Merge replaced proof-of-work mining with proof-of-stake, cutting new ETH issuance by about 90%. Together they created the expectation that higher network usage would outpace issuance and shrink supply. After Dencun, which added cheap blob transactions for rollups, daily ETH burn fell from thousands of ETH to as low as 50-70 ETH, while issuance remained around 1,700 ETH per day. Net annual supply growth measured between 0.2% and 0.8% depending on the period, reversing the earlier deflation. Staking locked roughly 28%-30% of total ETH, reducing the circulating float. Spot Ethereum ETFs recorded net inflows of about $58 million on July 14, 2026. The drop in base-layer fee revenue, from near $40 million in early 2025 to about $10 million in 2026, raised concerns that the network captures little value as activity migrates to rollups that pay minimal fees. Some analysts argued that this weakens the investment case, while others noted that lower issuance and strong demand for blockspace still support price. The December 3, 2025 Fusaka upgrade introduced EIP-7918, which sets a minimum blob fee tied to the execution base fee, roughly one-sixteenth of that fee. Modeling by Fidelity indicated the mechanism could have generated an additional $78.6 million in burn and about 24,641 ETH if active since the Dencun upgrade. The change aims to restore a floor under the burn but does not recreate the high-volume mainnet burn levels of the pre-Dencun era. Whether EIP-7918 and sustained rollup activity will bring net supply toward flat or negative and raise base-layer revenue remains to be seen. Two metrics—annual supply growth and base-layer fee revenue—will indicate if the ultrasound money narrative can re-emerge.