Bankless Founder Explains Selling ETH: Still Bullish on the Ethereum Network, But ETH is Difficult for the Market to Rerate

Bankless founder David Hoffman posted on X to explain his reasons for selling off all his ETH.

Hoffman wrote: "I remain extremely bullish on the Ethereum network and the entire ecosystem – Ethereum's architecture is designed precisely to maximize the success probability of its applications, L2s, and ecosystem. The 'fat-app' theory means that applications on Ethereum can capture the vast majority of fee revenue; while the 'Rollup-centric' roadmap implies that L2s can achieve profit margins as high as 97%. However, for ETH as an asset itself, I find it increasingly difficult to see it being structurally rerated by the market – whether upwards or downwards. So, I am selling ETH not because I am bearish on ETH, but because I believe the 'ETH is Money' narrative has largely played out. I want to allocate my capital to other opportunities I see in the market."