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David Hoffman, co-founder of Bankless, has sold his ETH holdings — not out of bearishness on Ethereum the network, but because he believes the 'ETH Is Money' thesis has largely run its course. In his view, ETH has already been priced to reflect its actual progress, leaving little room for the kind of structural rerating that drove the asset's biggest historical gains.
Hoffman's core argument is architectural: Ethereum is increasingly generating value for applications, L2s, stablecoins, and the broader onchain ecosystem — but that value doesn't necessarily flow back to ETH itself. The network thrives; the token's monetary premium, he argues, does not compound the way it once did.
The move is a significant signal from one of Ethereum's most prominent long-term advocates.
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