Ether has returned to deflationary conditions as the market tries to recover in 2023. According to ultrasound.money, the annualized inflation rate of ether, also known as net issuance, has decreased to -0.07%, indicating that more ether is being burned than is being minted. According to Marcus Sotiriou, a market analyst at digital asset broker GlobalBlock, the recent increase in the burned ether can be attributed to a rise in non-fungible token (NFT) sales, which has been driven by positive sentiment in the overall crypto market.