Bankless host sold all ETH due to lack of upward momentum

David Hoffman, host of the crypto podcast Bankless, explained on X that he sold his entire Ethereum (ETH) holdings due to a perceived lack of catalysts for further price appreciation. Hoffman had previously disclosed on May 21 that he sold all of his ETH, without revealing the specific amount. He argued that the "ETH is money" narrative, which was his personal reason for holding the asset, seems to be fully priced into the market. According to Hoffman, ETH's future success hinges on a combination of factors: the foundation balancing decentralization with market responsiveness, cohesion among Layer 2 projects, and the implementation of a roadmap that can outperform competitors. However, he believes its current valuation is appropriate for its present state, not indicative of additional success. Hoffman described ETH as currently operating like a "non-profit protocol," which brings profits to related projects like Layer 2s while only "crumbs of that success" fall to the ETH price itself. He contrasted this with the trend for projects like Solana (SOL) and Near Protocol (NEAR), which link revenue growth with token price increases. Hoffman concluded that while ETH will likely maintain its status as the most influential open-source ecosystem, ETH as an investment asset is set to stagnate.