Ethereum bull David Hoffman exits ETH position

David Hoffman said he sold the remainder of his Ethereum holdings after concluding that the long-standing “ETH is Money” investment thesis had largely reached its limits.

Hoffman said Ethereum “got the ETH price it deserves” and argued he no longer sees a meaningful market rerating that would substantially increase or decrease the token’s valuation.

The “ETH is Money” thesis positioned Ether as a decentralised form of money and long-term store of value supported by Ethereum’s network utility and token supply mechanics designed to reduce inflation.

Hoffman argued that Ethereum’s architecture increasingly benefits users and layer-2 networks more than ETH holders because the base network provides secure infrastructure and tokenisation services “at cost” rather than maximising fee extraction.

He added that Ethereum remains “massively bullish” from a technology and adoption perspective but said only a “marginal amount” of the ecosystem’s future success may ultimately be reflected in ETH’s token price.

The comments triggered mixed reactions across the Ethereum community, with Ryan Sean Adams calling the decision “the end of an era” while former Ethereum core developer Eric Connor said ETH had significantly underperformed much of the broader crypto market in recent years.

Ethereum’s token price remains roughly 60% below its all-time high near $5,000 despite continued growth in decentralised finance, tokenisation and layer-2 blockchain ecosystems built around the network.

At the time of reporting, Ethereum price was $1,971.58.