Did Ethereum just quietly turn deflationary again post-Pectra?

I was checking ultrasound.money today and noticed something interesting — the issuance is showing negative again.

At first glance, it might look like a display bug or a side effect of a UI/data update — but what if it’s not?

A few technical angles to consider: EIP-1559 continues to burn base fees during high network activity. If post-Pectra adjustments (e.g. gas target changes, blob dynamics with Danksharding prep) altered fee pressure or burn cadence, the burn could now regularly outpace issuance again.

Staking rewards are currently the main source of ETH issuance. But with validator growth slowing and rewards decreasing due to network saturation, net new issuance is shrinking.

Blob-carrying txs (EIP-4844) and potential fee market pressure may also be increasing ETH burn indirectly by maintaining higher base fees.

Now the question is: Is this just a display glitch or a temporary artifact from a recent update? Or has Pectra introduced a structural change pushing ETH back into deflationary territory?