Bankless Co-Founder Says He Sold Ether as Upside Momentum Faded
Summary
- David Hoffman said he sold his Ethereum holdings because upside momentum had faded.
- Hoffman said the Ethereum network is now valued in line with its growth, reducing the chance of the kind of structural re-rating seen in the past.
- Hoffman said value is dispersing across applications, Layer 2 (L2), stablecoins, and the on-chain asset ecosystem, prompting him to reallocate capital to other market opportunities.
Forecast Trend Report by Period
David Hoffman, the Bankless co-founder known as a longtime Ethereum bull, has explained why he sold his Ether holdings.
Wu Blockchain reported on May 26 that Hoffman remains bullish on the Ethereum network itself. But he said the “ETH Is Money” narrative has already largely played out.
He said Ethereum is now valued in line with the network’s current level of growth, making the chances of another major structural re-rating lower than in the past.
Based on that view, Hoffman said he sold Ether and reallocated the capital to other market opportunities.
He added that in Ethereum’s current ecosystem structure, value is dispersing beyond Ether itself to applications, Layer 2 networks, stablecoins and the broader on-chain asset ecosystem.
“Ethereum is increasingly serving as the base layer for a wide range of applications and infrastructure,” Hoffman said. “But the value created in that process does not necessarily translate directly into gains in Ether’s price.”
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
