Ethereum Bull David Hoffman Sells ETH, Says ‘ETH Is Money’ Thesis Has Peaked

Ethereum supporter and Bankless co-founder David Hoffman says he sold the rest of his ETH holdings, arguing that the long-standing “ETH is Money” investment thesis has largely reached its limits.

In a statement shared on X, Hoffman said Ethereum had achieved the valuation it deserved and he no longer expects ETH to be significantly revalued higher or lower by the market.

According to Hoffman, Ethereum has been successful as a network, but the opportunity for ETH itself to gain a dramatically higher valuation appears to be narrowing.

Why Hoffman believes ETH price growth may slow

The “ETH is Money” thesis argues that Ethereum’s native token can function as a superior form of money due to decentralization and mechanisms designed to reduce inflation.

However, Hoffman said Ethereum has evolved into a system that mainly provides secure blockchain infrastructure and tokenization services at low cost, while much of the economic value is increasingly captured by layer-2 networks.

He described Ethereum as a “giver, not a taker,” arguing that the network delivers value without aggressively extracting fees or maximizing profits from users.

Ethereum price performance remains under pressure

ETH has struggled to regain momentum despite strong long term expectations from supporters. After reaching an all-time high near $5,000, the token has fallen almost 60% and recently traded around $2,000.

Still, Hoffman clarified that he remains bullish on Ethereum’s future as a blockchain ecosystem, saying the network itself could continue growing strongly even if only a small portion of that success benefits ETH holders.

The move triggered mixed reactions among Ethereum supporters, with some calling it the end of an era while others pointed to ETH’s years of underperformance compared with the broader crypto market.