{"id":9451,"date":"2026-05-28T06:57:55","date_gmt":"2026-05-28T06:57:55","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=9451"},"modified":"2026-05-28T06:57:55","modified_gmt":"2026-05-28T06:57:55","slug":"bankless-co-founder-exits-ether-says-eth-is-money-thesis-has-run-its-course","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=9451","title":{"rendered":"Bankless Co-Founder Exits Ether, Says ‘ETH Is Money’ Thesis Has Run Its Course"},"content":{"rendered":"

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  • David Hoffman, co-founder of Bankless, confirmed he sold his entire remaining Ether position the prior Thursday and disclosed the move publicly on May 27.<\/span><\/li>\n
  • Hoffman characterised Ethereum as \u201ca giver, not a taker,\u201d arguing layer-2 networks and roughly US$163 billion in stablecoins on Ethereum now absorb most of the value the base token once expected to capture.<\/span><\/li>\n
  • ETH currently trades near US$2,000, about 60% below its August peak near US$5,000.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    David Hoffman, co-founder of crypto media company Bankless and one of Ethereum\u2019s most visible long-term advocates, disclosed on May 27 that he had sold his entire remaining Ether position the prior week, ending more than half a decade of personal exposure to the asset.<\/p>\n

    Hoffman stated on X he sold on Thursday, several days before publishing a detailed thread explaining the decision. He framed the move as the conclusion of a long-standing investment thesis rather than a loss of confidence in the network itself.<\/p>\n

    \u201cThe ETH is Money thesis didn\u2019t fail\u2026 it played out,\u201d Hoffman wrote. He confirmed he remains \u201cmassively bullish\u201d on Ethereum as a network, but distinguished between the base layer\u2019s growth and the prospects for the ETH token at current levels.<\/p>\n

    Read more: AI Agents Are Starting to Spend Money Online \u2014 And Big Tech Wants the Rails<\/strong><\/p>\n

    Layer-2 And Stablecoin Capture<\/h2>\n

    Hoffman noted that Ethereum operates without markup, supplying blockspace, settlement and tokenisation infrastructure at cost. \u201cEthereum takes no markup for anything it does. This is the nature of open source software,\u201d he stated, characterising the protocol as \u201ca giver, not a taker.\u201d<\/p>\n

    That design, he argued, has allowed layer-2 rollups, stablecoin issuers and applications to absorb most of the economic upside from network growth.\u00a0<\/p>\n

    Roughly US$163 billion (AU$226.6 billion) in stablecoins now sit on Ethereum, up from about US$3 billion (AU$4.17 billion) in 2020 \u2014a build-up Hoffman noted \u201cis increasingly strengthening assets like the U.S. dollar instead of strengthening ETH as money.\u201d<\/p>\n

    ETH reached approximately US$5,000 (AU$6,950) in August, matching its previous cycle peak, before retreating to the US$2,000 (AU$2,780) range where it has spent recent weeks struggling to hold above US$2,200 (AU$3,058). Hoffman noted the asset\u2019s price has been \u201clargely range-bound for five years.\u201d<\/p>\n

    \u201cEthereum got the ETH price it deserves, and I don\u2019t see ETH being rerated as an asset, higher or lower,\u201d Hoffman stated, adding that \u201cthe window of opportunity for ETH to be \u2018rerated\u2019 by the market seems to be closing.\u201d<\/p>\n

    Read more: CFTC Officials Who Questioned Crypto Firms Were Suspended, NYT Reports<\/strong><\/p>\n<\/p><\/div>\n

    Ethereum,Stablecoins#Bankless #CoFounder #Exits #Ether #ETH #Money #Thesis #Run1779951475<\/p>\n","protected":false},"excerpt":{"rendered":"

    David Hoffman, co-founder of Bankless, confirmed he sold his entire remaining Ether position the prior Thursday and disclosed the move publicly on May 27. Hoffman characterised Ethereum as \u201ca giver, not a taker,\u201d arguing layer-2 networks and roughly US$163 billion in stablecoins on Ethereum now absorb most of the value the base token once expected<\/p>\n","protected":false},"author":1,"featured_media":9041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[4659,3238,601,1165,186,1723,1718,2142],"class_list":["post-9451","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-bankless","tag-cofounder","tag-eth","tag-ether","tag-exits","tag-money","tag-run","tag-thesis"],"yoast_head":"\nBankless Co-Founder Exits Ether, Says 'ETH Is Money' Thesis Has Run Its Course - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=9451\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankless Co-Founder Exits Ether, Says 'ETH Is Money' Thesis Has Run Its Course\" \/>\n<meta property=\"og:description\" content=\"David Hoffman, co-founder of Bankless, confirmed he sold his entire remaining Ether position the prior Thursday and disclosed the move publicly on May 27. 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