If you are holding $ETH right now, this is a must-read thread. David Hoffman, co-founder of Bankless, recently sold his entire ETH stack. And his reasoning is sharper than most people expect. Here is exactly why he sold. ETH has already reached the price and market cap it was meant to hit. He simply does not see the same upside potential going forward. Ethereum is now prioritizing ecosystem growth over the value of its own asset. But here is the catch: even when projects on ETH succeed, it barely moves the needle on ETH price anymore. Base is the perfect example of this. A massive success story built on Ethereum, yet it has done little for ETH holders. ETH price is now tightly tied to fee revenue. Ethereum once dominated when fees were high. But since then, it has steadily lost market share to Solana, BNB Chain, and TRON. Today, Ethereum is the giver, not the taker. It provides a secure, low-cost ecosystem compared to the old days. But that security and affordability come at the cost of direct value accrual to ETH. The key takeaway? He sold not because he is bearish on Ethereum. He sold because the ETH is money thesis has already played out. He still believes the Ethereum ecosystem will be incredibly successful. But he wants to rotate capital into other opportunities. Smart rotation or early exit? The market will decide.