Ethereum at $2,700: Why ETH Is Inflationary Again, What the Blast Layer-2 Shutdown Means and the $580 Million Dormant Wallet That Moved

Ether's price is quiet. Its fundamentals are not. ETH traded around $2,700 on Monday 5 October, a modest gain on the week, while three developments underneath drew the searches: the network has become inflationary again, a well-known layer-2 is closing, and a very old wallet woke up. Here is what each means.

The price

ETH was at about $2,703.91 with $4.75 billion traded in 24 hours. It is up 2.7 percent over seven days and 7.8 percent over 30 days, trailing Bitcoin's October move but steady.

Inflationary again

After the Merge in September 2022, Ethereum often burned more ETH in transaction fees than it issued to validators, so supply fell. That has reversed. The network now issues more than it burns, and circulating supply is about 122.1 million ETH, roughly 1.6 million above the 120.5 million at the Merge. The reason is low fee activity on the base chain: most transactions have moved to layer-2 networks, which pay far less to mainnet, so less ETH is burned. Whether this matters for price is debated; a few tenths of a percent of annual inflation is small, but the ultrasound money narrative that supported ETH has weakened.

Blast is shutting down

Blast, a layer-2 that launched in 2024 with yield-bearing deposits and a large airdrop, is closing. Its operators say running costs now exceed the revenue the network generates. Users have been asked to withdraw their assets to Ethereum mainnet before 26 October. If you hold anything on Blast, move it now; bridges and support queues slow down near deadlines, and funds left behind after shutdown may be difficult to recover. The closure is also a data point in the wider layer-2 debate: many networks have launched, few have found sustainable revenue.

The dormant wallet

About $580 million worth of long-dormant ETH moved this week. Large old wallets waking up often spook markets because they can precede selling. This one did not produce a notable price drop, which analysts have read as a sign of resilient demand, or at least of a market with enough depth to absorb it.

For Indian holders

Ethereum remains the second-largest crypto by market value and the base for most stablecoins Indians use for remittances and trading. Remember that any sale or swap is taxed at 30 percent plus cess with 1 percent TDS, and that losses cannot be offset; our crypto tax guide has the details.

Frequently asked questions

What is the Ethereum price today?

Around $2,704 on 5 October 2026. Check a live price before acting.

Why is Ethereum inflationary again?

Low fee activity on the base chain means less ETH is burned than is issued to validators, so supply is rising.

What is happening to Blast?

The layer-2 network is shutting down. Users must withdraw to Ethereum mainnet before 26 October.

Did a large ETH wallet move?

Yes, about $580 million of long-dormant ETH moved without a notable price impact.

How much ETH is in circulation?

About 122.1 million, roughly 1.6 million more than at the Merge.