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Bankless co-founder and longtime Ethereum advocate David Hoffman has revealed that he has absolutely bought his private Ether, stressing, nevertheless, that he stays deeply optimistic about Ethereum’s future.
In a Tuesday tweet, Hoffman clarified that the transfer was not motivated by short-term bearishness or a lack of religion in Ethereum’s expertise.
“When you missed the information final week, I bought my ETH,” Hoffman wrote, noting the emotional weight of the choice after years spent constructing his profession and group round Ethereum. “The ETH is cash thesis didn’t fail… it performed out.”
In keeping with him, Ethereum’s evolution over time has reworked the way in which he evaluates the asset. Whereas he nonetheless sees Ethereum as one of the crucial necessary infrastructures in crypto, he not believes ETH itself is considerably undervalued relative to the community’s present financial design.
In his view, Ethereum has turn into “a giver, not a taker,” providing low-cost safety and settlement infrastructure whereas permitting a lot of the ecosystem’s worth to stream towards purposes and layer-2 networks constructed on prime of it.
 
Hoffman additionally mentioned charges are a key metric for valuing layer-1 blockchains, arguing Ethereum didn’t maintain income dominance lengthy sufficient to spark one other main repricing cycle as previous bull runs. He in contrast Ethereum’s robust fee-driven momentum throughout the 2021 cycle to Solana’s resurgence in 2024 and NEAR’s progress in 2026, arguing that durations of explosive charge technology typically correlate carefully with sharp will increase in token valuations.
Past Ethereum’s valuation mannequin, he additionally mirrored on the broader evolution of crypto narratives over the previous a number of years. He revisited earlier visions surrounding DeFi, NFTs, and DAOs, industries as soon as seen because the constructing blocks of a completely autonomous digital financial system.
Nonetheless, he famous that mainstream enthusiasm for crypto lasted solely briefly, from late 2020 to early 2022. Outdoors of that window, the trade’s picture has largely been dominated by hypothesis, hacks, scams, and restricted real-world adoption.
The pundit additionally highlighted the explosive rise of stablecoins as certainly one of Ethereum’s greatest success tales. Stablecoin liquidity on the Ethereum community has reportedly surged from roughly $3 billion in 2020 to greater than $160 billion in the present day.
Nonetheless, he argued that this progress primarily reinforces the dominance of the U.S. greenback moderately than strengthening ETH as an unbiased financial asset. In essence, Ethereum has turn into the infrastructure powering the growth of digital {dollars} moderately than changing conventional financial methods.
Regardless of his choice to promote, Hoffman insisted that exiting ETH doesn’t imply abandoning Ethereum itself.
“I stay extremely optimistic in regards to the Ethereum community and its ecosystem,” he acknowledged.
As a substitute, he defined that he has merely reallocated capital towards different alternatives inside the broader market, including that he at the moment sees restricted upside for a dramatic structural repricing of ETH.
Hoffman’s remarks arrive at a tough second for Ethereum buyers. Though Ethereum stays the second-largest cryptocurrency by market capitalization and continues to dominate decentralized finance and good contract exercise, ETH has struggled to regain momentum after a chronic correction.
The cryptocurrency stays considerably beneath its all-time excessive of $4,953, with prolonged consolidation and weak value motion exhausting many buyers over latest months. Since February, ETH has largely traded sideways amid rising competitors from rival chains and rising migration towards layer-2 ecosystems.
Nonetheless, many analysts proceed to defend Ethereum’s strategic significance inside crypto markets. Earlier this month, macro analyst Jordi Visser described Ethereum as “gas” for AI brokers, arguing that the community may turn into a crucial layer powering rising synthetic intelligence-driven economies.
At press time, ETH was buying and selling at $2,016, reflecting a 1.94% drop previously 24 hours.
