Bankless Founder Explains Why He Sold All His ETH: Still Bullish on the Ethereum Network, But ETH is Difficult for the Market to Rerate

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

Hoffman wrote: "I am still extremely bullish on the Ethereum network and the entire ecosystem – Ethereum's architecture is fundamentally designed to maximize the probability of success for its applications, L2s, and the ecosystem. The 'fat-app' theory implies that applications on Ethereum can capture the vast majority of fee revenue; while the 'rollup-centric' roadmap means L2s can achieve profit margins as high as 97%. However, for the asset ETH itself, I find it increasingly difficult to see it being structurally re-rated by the market – either upwards or downwards. So, I am selling ETH not because I am bearish on it, 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."