David Hoffman, an Ethereum supporter and co-founder of media company Bankless, said he sold the rest of his Ether (ETH) holdings last week because the “ETH is money” thesis has largely “come true.”

Hoffman he said on Tuesday in X’s post that “Ethereum received the ETH price it deserves, and I don’t think ETH will be re-rated as an asset, higher or lower.”

Hoffman said Ethereum “has performed incredibly well and deserves the market cap it has,” but “it appears the window of opportunity for the market to ‘re-evaluate’ ETH is closing.”

“ETH is money to some extent, but it is not the most successful version that we have collectively strived to achieve.”

The “ETH is money” thesis says that the token is a better store of value compared to fiat money because it is decentralized and has introduced mechanisms to combat inflation or the number of recent tokens created.

Many Ether backers were betting that the token could reach five figures, but ETH hit an all-time high of just under $5,000 in August, roughly equal to its previous bull market high in the last cycle. Since then, the price has dropped almost 60% from its all-time high and has reached around $2,000.

ETH prices have largely remained in a swing range for the past five years. Source: TradingView

Hoffman, a long-time Ethereum bull who has written extensively on investment cases for Ether, announced last Thursday he sold his entire shares in ETH, the value of which he did not disclose.

He said Ethereum is a “giver, not a taker,” providing secure blockchain space and tokenization at cost, while the blockchain’s Layer 2 networks capture most of the fees and benefits.

“Ethereum accepts no markup for anything it does. That’s the nature of open source software, and that’s the power of Ethereum. Ethereum provides the world with a full set of incredibly important values… at cost.”

Hoffman reiterated that he is “very bullish” on Ethereum, expecting the network to do “exceptionally well” from here on out, but only a “marginal portion” of that success will be reflected in its token.

Related: Tom Lee Predicts a Supercycle Among Bitmine’s Biggest Ethereum Purchase in 2026

Hoffman’s sale was met with mixed reactions from ETH supporters, with Bankless Ryan co-founder Sean Adams stating that it was “the end of an era.”

Former Ethereum lead developer Eric Connor he said he didn’t really blame Hoffman because ETH “has grossly underperformed the general cryptocurrency market for many years.”

He attributed the delay mainly to the selling pressure from the vast number of millionaires that arose in the initial phase of the outbreak, rather than to fundamental lapses in protocol.

“At the end of the day, single-coin maximalism when it comes to portfolio management is pretty stupid,” he said.

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