Longtime Ethereum (ETH) advocate David Hoffman said he sold the last of his Ether holdings, arguing the "ETH is Money" thesis has largely played out.

Key Points:

• Bankless co-founder David Hoffman has exited his entire Ether position, calling the asset's case for a major rerating nearly closed.
• Hoffman insists he stays bullish on the Ethereum network even as he doubts the token will fully capture that success.
• The sale lands with Ether trading near $2,070, roughly 57% below its August peak.

Hoffman Exits His ETH Position

Hoffman, co-founder of the crypto media outlet Bankless, revealed on May 21 that he had offloaded his remaining Ether, without disclosing the value of the stake. He framed the move in an X post this week, saying he no longer sees the token getting repriced in either direction.

"Ethereum got the ETH price it deserves, and I don't see ETH being rerated as an asset, higher or lower," he wrote.

He added that Ethereum has done incredibly well and deserves its current market cap, but the window for the market to rerate the token seems to be closing.

The "ETH is Money" thesis holds that Ether works as a superior store of value to fiat currency, since it is decentralized and uses mechanisms designed to curb the creation of new tokens. Hoffman has spent years writing investment cases built on that idea.

Also Read: XRP Loses Key Support, Now Eyes A Drop Toward $1.31

Why Hoffman's Sale Matters

Hoffman stressed that his exit is not a verdict on the network itself. He said he remains "massively bullish" on Ethereum and expects it to perform exceptionally well, with only a marginal share of that success flowing into the token.

His reasoning rests on how value moves through the system. Ethereum supplies secure blockspace and tokenization at cost, he argued, while layer-2 networks capture most of the fees.

The decision drew mixed reactions from Ether backers. Bankless co-founder Ryan Sean Adams called it the "end of an era," while former Ethereum core developer Eric Connor said he did not blame Hoffman, noting the token has trailed the broader crypto market for years.

Connor pinned that lag mostly on selling pressure from the many millionaires created during Ethereum's early run, rather than any flaw in the protocol.

Ether reached an all-time high just below $5,000 in August, roughly matching its peak from the previous cycle. The token has since slid about 57%, trading near $2,070 as backers debate whether its underperformance reflects market structure or a deeper limit on the asset itself.

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