Ethereum Bull David Hoffman Shares Why He Sold His ETH
Bankless co-founder David Hoffman said he sold his remaining ETH because the “ETH is Money” thesis has largely played out.
Intelligence analysis by GPT-5.4 Mini
David Hoffman says Ethereum has done well enough that the market has already priced in much of ETH’s upside. He remains bullish on the network, but thinks most future gains will accrue to Ethereum itself, not necessarily the token.
A big Ethereum supporter sold the last of his Ethereum coins. He thinks the coin has already gotten most of the price boost it can get from the idea that it is like money.
He still likes Ethereum itself. He just thinks the network can keep growing even if the coin does not rise much more. It is a bit like liking a busy shopping mall, but thinking the mall's ticket is already priced pretty high.
Other crypto fans did not all agree, but some said the coin has been weaker than many other crypto assets for a long time. That is why this sale got attention.
Analysis
Hoffman’s case
David Hoffman, co-founder of Bankless and a long-time Ethereum bull, said he sold the rest of his Ether holdings last week. His argument is simple: the “ETH is Money” thesis has mostly played out, and he no longer expects the market to rerate ETH much higher or lower from here.
He said Ethereum has already earned the market cap it has today, and that the window for the market to reprice ETH as a much stronger asset appears to be closing. In his view, ETH is “to some degree” money, but not the fully realized version that early believers hoped for.
Network value vs token value
Hoffman still described Ethereum as a “giver, not a taker.” The article says he sees the network providing secure blockspace and tokenization at cost, while layer-2 networks capture most of the fees and benefits. That, in his framing, means Ethereum delivers a lot of value to the ecosystem without taking a markup for it.
Even after selling, Hoffman said he remains “massively bullish” on Ethereum and expects the network to do exceptionally well. The key distinction is that he now thinks only a marginal share of that success will show up in the ETH token price.
Market reaction
The sale drew mixed responses from other Ethereum supporters. Bankless co-founder Ryan Sean Adams called it the “end of an era.” Former Ethereum core developer Eric Connor said he did not really blame Hoffman, arguing that ETH has underperformed the broader crypto market for years. Connor pointed to selling pressure from early winners cashing out as a major reason for the lag, rather than a core protocol flaw.
Key points
- David Hoffman sold the remainder of his ETH holdings last week.
- He said the “ETH is Money” thesis has largely played out.
- Hoffman still expects Ethereum the network to do well, but sees limited token rerating potential.
- The sale prompted mixed reactions from other Ethereum supporters.
- One former Ethereum core developer said ETH has underperformed the wider crypto market for years.
