David Hoffman, host of the cryptocurrency podcast platform Bankless, announced via X that he sold all his Ethereum (ETH) holdings based on the judgment that ETH lacks momentum for value appreciation. Hoffman had previously stated on the 21st that he sold all his ETH holdings, without disclosing the specific quantity. He explained, "The logic that 'ETH is money,' which was my personal reason for holding, seems to already be reflected in the market. For ETH, a balance between the foundation's decentralization and market responsiveness, the cohesion of Layer 2 projects, and the implementation of a roadmap that can outperform competing projects must all align. However, at this point, it seems to be at a level commensurate with its current market capitalization, rather than indicating additional success. ETH currently functions like a non-profit protocol, bringing profits to related projects like Layer 2s, but only crumbs of that success fall to the ETH price itself. This differs from the trend where Solana (SOL), Near Protocol (NEAR), and others link revenue growth with token price increases. ETH will continue to maintain its status as the most influential open-source ecosystem, but as an investment asset, ETH will stagnate."
