David Hoffman, co-founder of Bankless and a notable supporter of Ethereum, sold all of his Ether (ETH) holdings on May 21, 2026. He stated that the price of ETH has stabilized at a level it merits, expressing doubt about any potential revaluation of the asset. Currently trading around $2,000, ETH has seen a significant decline of nearly 60% from its all-time high of just below $5,000 in August.
Hoffman elaborated on his reasoning in a post, indicating that the "ETH is Money" concept has largely reached its conclusion and the chance for ETH to gain further market recognition seems limited. He acknowledged Ethereum’s achievements in providing valuable services, such as secure blockspace and tokenization, without imposing additional costs.
Despite his decision to sell, Hoffman remains optimistic about the future of Ethereum, anticipating that the network will perform exceptionally well, although he believes that only a small portion of this success will be reflected in the ETH token itself. The ongoing debate around Ethereum's role as a superior store of value compared to fiat continues among its supporters.