[akelly]

Today there is $20mm a day of ETH being printed and given to miners, most of which is sold immediately to pay their operating costs. After the merge there will be only $0.5mm a day being printed and given to stakers. Plus the money printed will go to people who are ETH holders, and are therefore less likely to sell.

[mypastself]

That makes sense, but why are they labelled as “structural outflows and inflows”, respectively, if both amounts are referring to, as you put it, “ETH being printed and given to” miners/validators?

Perhaps it’s referring to the ratio of Ether being supplied on a daily basis compared to its total supply?

So in summary:

With PoW, each day fresh $20M is created and sold, which increases the ratio of traded Ether compared to its total amount (“outflow” from held ratio).

With PoS, each day fresh $0.5M is created and held, which decreases the ratio of traded Ether compared to its total amount (“inflow”).

Do I have this right? That does still leave the question of whether this daily ratio change will be sufficient to impact prices significantly.