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One of the Prominent Figures in the Market Sold All His Ethereum Holdings and Explained the Reasons
While Bitcoin’s decline triggered significant corrections in altcoins, Ethereum ($ETH) also approached the $2,000 mark. Amid growing bearish expectations for $ETH, one well-known figure announced that he had sold all his $ETH due to the lack of upward momentum.
In this regard, David Hoffman, host of the Bankless cryptocurrency podcast, stated on X that he had sold all his Ethereum ($ETH) holdings because he believed there were not enough factors to support further price growth.
Hoffman argued that his personal reason for holding $ETH — “$ETH is money” — is now fully reflected in market prices.
The well-known analyst believes that the current valuation reflects the growth rate of the Ethereum network, while the future success of $ETH depends on several factors: “having a foundation that balances decentralization with market sentiment, alignment between Layer 2 projects, and the implementation of a roadmap that will allow it to outperform competitors.”
Therefore, Hoffman believes that the likelihood of structural repricing and a significant upward trend, as seen in the past, has declined compared with previous periods.
In particular, he analyzed that in the current structure of the Ethereum ecosystem, value is not concentrated in Ethereum itself but is distributed across the entire ecosystem of applications, Layer 2 (L2), stablecoins, and on-chain assets.
At this point, he stated that $ETH currently functions as a “non-profit protocol” that generates profits for related projects such as Layer 2, while only the “crumbs” of this success are reflected in the price of $ETH.
Hoffman said: “Ethereum is increasingly serving as the base layer for a wide range of applications and infrastructures. However, the value created in this process may not directly lead to an increase in Ethereum’s price.”
Hoffman added that $ETH will likely retain its status as the most influential open-source ecosystem, but as an investment asset, $ETH will stagnate.
In addition to Hoffman, the founder of Uniswap also shared his thoughts on Ethereum. According to Uniswap founder Hayden Adams, in a statement on X, he argued that $ETH will function as a currency and that all assets will be tokenized.
Hayden Adams, founder of the decentralized exchange (DEX) Uniswap (UNI), predicted that $ETH will eventually function as a currency and that in the future all assets will be tokenized on the blockchain.
