Bankless Co-Founder Sells ETH, Still Bullish on Ethereum

David Hoffman, co-founder of Bankless, said he sold all his ETH in a recent post, calling the ‘ETH is Money’ thesis not a failure but something that “played out.” He described himself as “massively bullish Ethereum” and framed the sale as a reallocation of capital rather than a bet against the network.

Hoffman wrote he does not expect the token to be “structurally rerated” upward and said only a “marginal amount” of the network’s success may show up in ETH’s price. He said he plans to deploy capital into other opportunities.

He argued that Ethereum’s design returns value to the broader ecosystem instead of concentrating it in the native token, calling the chain “a giver, not a taker.” Hoffman pointed to secure blockspace for layer-2 networks, tokenization of real-world assets and decentralized finance as areas that capture economic activity outside the ETH token.

Market context: ETH has been trading near a support band around $2,050 to $2,100 after failing to sustain levels above roughly $2,200 to $2,300. On-chain demand and flows into Ethereum-related exchange-traded funds have been mixed, and institutional demand has not consistently offset weaker market confidence.

Analysts have warned that a decisive break below the current support range could weaken ETH’s technical outlook. Layer-2 networks and decentralized applications now handle much of the transaction activity that once supported fee-burn narratives on the main chain, reducing a direct link between on-chain usage and token price appreciation.

Hoffman emphasized he is not bearish on ETH as an asset in absolute terms, describing his sale as a strategic allocation choice because he does not expect the token to be rerated. His public sale follows years in which Bankless promoted ETH as “internet money” and may prompt renewed debate among investors about how network growth translates into token value.