Bankless founder discusses liquidating ETH: Still optimistic about the Ethereum network, but it's difficult for ETH to be repriced by the market

Bankless founder David Hoffman explained his reasons for liquidating his ETH holdings in a post on X.

Hoffman wrote: "I remain extremely optimistic about the Ethereum network and the entire ecosystem ------ Ethereum's architectural design exists to maximize the success probability of its applications, L2, and ecosystem. The 'fat-app' theory means that applications on Ethereum can capture the vast majority of transaction fee revenue; while the 'Rollup-centric' roadmap means that L2 can achieve profit margins of up to 97%.

However, for the asset ETH itself, I find it increasingly difficult to see it being repriced by the market on a structural level ------ whether upwards or downwards. Therefore, my selling of ETH is not because I am bearish on ETH, but because I believe the narrative of 'ETH is Money' has essentially played out. I hope to allocate my funds to other opportunities in the market that I see."