David Hoffman: “ETH Is Money” Thesis Has Largely Played Out, Prompting His ETH Sale

Bankless co-founder David Hoffman explained why he sold his ETH holdings, saying he remains bullish on the Ethereum network itself but believes the “ETH Is Money” thesis has largely played out. Hoffman argued that Ethereum has achieved a valuation consistent with its actual progress, making a major structural rerating of ETH less likely going forward, which led him to reallocate capital to other market opportunities.

He said Ethereum’s architecture is increasingly creating value for applications, L2s, stablecoins and the broader onchain asset ecosystem, while that value does not necessarily accrue directly to ETH itself.