On-Chain · BTC
Ethereum Supply Dynamics vs Bitcoin
Circulating supply of ETH and BTC over time.
BTC supplyETH supply
Understanding this chart
BTC's supply follows a fixed asymptote toward 21M — the smooth flattening curve. ETH's is policy-driven: fast early inflation, slowed by successive issuance cuts, then post-Merge (Sep 2022) burn mechanics that made it roughly flat and at times deflationary.
The contrast is the point: one asset's monetary policy is an algorithm frozen in 2009; the other's is an evolving social agreement. Both charts are plain supply counts — no USD anywhere.