David Hoffman, co-founder of Bankless, said he sold his ETH token because he no longer believed Ethereum’s success would translate entirely into higher ETH prices.
Hoffman, one of the most prominent media advocates in the Ethereum space, He said The “Ethereum is money” thesis has not collapsed. Instead, he said it had already happened. “The Ethereum-is-money theory did not fail, it succeeded,” he wrote.
His position lands on it ETH is trading near a fragile support area About $2,050 to $2,100. The asset struggled to regain stronger resistance above $2,300, while ETF flows and cross-chain demand remain mixed.
Hoffman says the Ethereum network could win while ETH lags
Hoffman made a clear division between Ethereum network The parent ETH.
“I am very bullish on Ethereum,” he wrote, adding that he expects the network to perform well. But he said that only “a marginal amount” of that success may be reflected in ETH.
This is the essence of his argument. Ethereum may continue to dominate stablecoin, tokenization, DeFi, and Layer 2 activity. But ETH may not get enough value from this growth to justify a major asset reclassification.
The value capture problem
Hoffman argued so Ethereum is structurally designed To return value to its ecosystem.
He described Ethereum as a “giver, not a taker,” saying it provides a secure block space for L2s, tokenizes real-world assets, and supports DeFi without taking too many economic tokens.
This opinion is consistent with the ongoing market debate. Ethereum usage remains strong in areas such as stablecoins and pooled currencies. But second language apps and languages are now taking over much of the activity that once supported the old toll-burning narrative.
As a result, Ethereum can grow as an infrastructure while Ethereum fails to outperform.
ETH is facing weak technical momentum
Timing is also important. ETH is trading near a key support range after failing to build strong momentum above $2,200. Analysts warned that a break below the current area could weaken the chart further.
At the same time, institutional demand remains uneven. Ethereum ETFs have not provided the consistent flows needed to offset weak market confidence.
A symbolic exit from an Ethereum insider
Hoffman said he is not pessimistic about ETH. He said he wants to allocate capital elsewhere because he does not expect ETH to be “structurally rerated” higher or lower.
However, this move carries weight.
For many years, Bankless has helped popularize ETH as online money. Hoffman’s exit shows that even some Ethereum believers are now questioning whether Ethereum remains the best financial expression of Ethereum’s future.
this post Why did the Bankless co-founder sell his entire Ethereum wallet? appeared first on BeInCrypto.
