After the release of the Ethereum London hard fork, increased burn rates created a small spike in the gas fee, which led to the production of about 800 deflationary blocks.
The long-awaited London hard fork is already having a difference. Only days after it was released, a spike in the gas fee has been noticed, but it did last only several hours. Nonetheless, the fee burn rate did create a deflationary supply.
In the case that the total of burned Ethereum is higher than that of the mining reward, deflationary blocks will be created. This leads to a temporary decrease in ETH supply. Currently, Ethereum is worth $3,230.25 and has a market cap of $378,815,938,767.
As we already know, the London hard fork gets us closer to Ethereum 2.0 which may come at the end of 2021.