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Key Notes
- More than 6.2 million ETH (5% of supply) is permanently lost or burned.
- Major losses come from bugs like the Parity Multisig and Quadriga cases.
- Ethereum upgrades EIP-1559 and The Merge have lowered new ETH issuance.
The amount of Ether ETH $3 758 24h volatility: 3.2% Market cap: $453.33 B Vol. 24h: $54.52 B lost forever due to user errors and bugs has climbed to approximately 913,111 ETH, about 0.76% of the current circulating supply, according to Coinbase’s head of product, Conor Grogan. Valued at today’s prices, this lost Ether totals over $3.43 billion.
When including the 5.3 million ETH burned since 2021 through Ethereum Improvement Proposal 1559 (EIP-1559), the total amount of Ether removed from circulation rises dramatically.
In fact, Grogan estimates that around 6.2 million ETH, worth $23.4 billion, are effectively lost or destroyed, making up roughly 5% of the total Ether supply of 120.7 million.
Based on my research, a minimum of 913,111 Ethereum is lost forever due to user error. This is 0.76%+ of ETH supply, or $3.43 billion in lost funds
If we include EIP‑1559 burned ETH (5.3M), then >5% of all ETH ever made ($23.42B) have been permanently destroyed pic.twitter.com/IlTduN7Kzx
— Conor (@jconorgrogan) July 20, 2025
Sharp Increase in Lost Ether Since 2023
This increase represents a 44% rise in lost Ether supply since March 2023, when lost Ether was estimated at around 636,000 ETH.
Despite the growth, the main causes of loss remain consistent, including:
- The Parity Multisig bug, which locked up 306,000 ETH
- The Quadriga case, with 60,000 ETH lost due to a faulty contract
- The Akutars NFT minting error, causing 11,500 ETH loss
Around 1,000 ETH more has been transferred to burn addresses since the previous report.
In 2023, Grogan noted that the $3.4 billion figure only covers Ether that is permanently locked or destroyed. It does not include all lost private keys or forgotten wallets, like the Genesis wallets from Ethereum’s launch.
To be clear, this $1.1B+ number significantly undershoots the actual lost/inaccessible ETH amount- It just covers instances where Ethereum is locked forever.
For example, it doesn't cover lost private keys or things like Genesis wallets that have presumably been forgotten
— Conor (@jconorgrogan) March 20, 2023
Ethereum’s Flexible Supply and Recent Upgrades
Unlike Bitcoin BTC $118 307 24h volatility: 0.4% Market cap: $2.35 T Vol. 24h: $42.03 B , which has a fixed supply cap of 21 million coins, Ethereum’s supply is not capped. However, two major upgrades have significantly reduced new ETH issuance:
- EIP-1559 (August 2021): Introduced a fee-burning mechanism that permanently removes a portion of transaction fees, reducing circulating supply over time.
- The Merge (September 2022): Switched Ethereum from Proof-of-Work to Proof-of-Stake, greatly lowering the rate of new ETH issuance.
As a result, Ethereum’s total supply grew steadily from 2020 until September 2022, reaching 120.5 million ETH, before declining slightly due to reduced issuance and burns. The supply has since resumed slow growth, currently around 120.7 million ETH
The growing amount of lost Ether highlights the risks of user error and technical bugs in the crypto space, while Ethereum’s recent protocol changes continue to shape its supply dynamics.
With billions of dollars worth of ETH effectively removed from circulation, understanding these trends is important for investors and enthusiasts alike.
Nearly 50% of staked ETH validators now support raising the gas limit to 45 million to boost scalability and lower fees. This development has helped push ETH price up 3.5%, with bulls targeting a breakout past $4,000.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
