Around May 27, 2026, a striking contrast appeared on-chain: on one side was Bitmine, regarded as one of the most important staking entities currently, continuing to bet on ETH. According to multiple media sources citing Onchain Lens data, Bitmine launched another stake of 5,760 ETH on that day, worth approximately $11.9 million at the time, raising its cumulative staking size on Ethereum to about 4,718,677 ETH, equivalent to nearly $9.76 billion; on the other side, two iconic "veterans" within the Ethereum ecosystem chose to stand in starkly different positions: David Hoffman, co-founder of Bankless, who has long championed the Ethereum narrative, publicly stated that he has liquidated all of his ETH spot positions, while former Ethereum core developer Eric Connor also admitted that he had significantly reduced his ETH holdings over the past 1-2 years and switched to other asset combinations, which outperformed ETH itself during the same period. Both emphasized that this is not a turn to pessimism about the Ethereum network itself, but that the narrative and valuation logic of ETH as "currency" have been fully priced by the market, with more incremental value likely flowing to layer 2 and application assets; while on-chain whales continue to lock nearly $10 billion in stakes, and the older generation of "insiders" choose to leave the ETH table, whether ETH has reached a valuation ceiling has become an unavoidable question at this moment.

Bitmine locks in 5760 ETH on-chain bet

As the narrative of "insiders" choosing to exit fermented, Bitmine on the other end provided a completely different answer. According to multiple media outlets citing Onchain Lens data, on May 27, Bitmine pushed another 5,760 ETH into the staking pool, worth approximately $11.9 million at that time. More crucially, this was just one part of its ongoing increase: the same source showed that Bitmine's cumulative staking size on Ethereum has reached approximately 4,718,677 ETH, corresponding to a position worth about $9.76 billion, which is substantial enough on the current Ethereum staking landscape to affect "who pays for network security and returns."

Bitmine has recently been monitored multiple times initiating large staking transactions, with an on-chain position that only grows, this rhythm resembles more of a "cash flow player" rather than a price speculator: it opts to lock millions of ETH into staking contracts in exchange for network-level revenue rights and cash flows that will be distributed continuously over the following years, rather than being ready to withdraw chips to gamble on short-term fluctuations in the secondary market. Under this logic, Bitmine pressing the "lock-up" button again feels more like voting with a position worth nearly $10 billion, betting on the cash flows generated by the Ethereum network itself over the coming years rather than on short-term price differential opportunities in the next market cycle.

Bankless co-founder liquidates: currency narrative priced out

When massive staking on-chain is "voting" for the network layer, a completely different choice appears at the narrative end. David Hoffman, co-founder of Bankless, known for his long-term stance in the Ethereum discourse and as a "ETH bull," recently publicly stated he has liquidated his ETH spot positions. For many long-time users, this individual is not an ordinary holder but one of the propagators who has brought “Ethereum = internet-native asset” and “ETH = currency” into the mainstream view, yet now chooses to close out his long-held base positions at this time.

Hoffman stated that his reason is not "bearish on Ethereum," but believes that the core narrative and valuation logic of ETH as "currency" have largely been priced in by the market, making a new round of structural revaluation challenging. In his view, the prospects for the Ethereum network itself still look optimistic; however, future incremental value is more likely to settle in applications, layer 2 networks, and other ecological assets closer to "use scenarios," rather than continue to concentrate on a single major asset. For investors, this shift from a narrative maker suggests a rotational signal: moving from treating ETH as the ultimate "currency" target to more seriously examining which applications and layers have the opportunity to carry the next phase of Ethereum's value distribution.

Former core developer reduces holdings: technical factions vote with their feet

If Hoffman represents the narrative producers' shifting attitudes, then Eric Connor symbolizes the asset reallocation signal from an "engineer’s perspective." Connor has long been involved in the core development of Ethereum, participating deeply in protocol upgrades and ecological evolution, which gives his asset choices a natural "internal technical perspective." He recently stated he has significantly reduced his personal ETH holdings over the past 1-2 years and has gradually shifted funds into a basket of other assets—this is not an emotional one-day action but a continuous reallocation process with a clear strategic orientation over time.

What stands out more is that he candidly remarked this new allocation has “significantly outperformed ETH itself” during the same period. He did not disclose specific reduction ratios, buying targets, and operational details, and the external world cannot accurately reconstruct his position structure through his on-chain address; instead, it can only regard this as “his own account” based on relative returns calculated by a former core developer. However, this posture of "accounting" has raised the volume of a question at the market level: when even veteran tech insiders start using opportunity costs to assess the necessity of holding ETH, how long can the premise of treating ETH as a default base position, which does not require long-term management, sustain? For funds configuring around Ethereum, Connor's choice equals a reminder to everyone that even if they remain optimistic about the Ethereum network itself, whether to place too much nominal value on a single major asset has become a question that must be readdressed.

Whales continue locking up, veterans choose to exit, what are they each betting on?

From an on-chain perspective, according to multiple media sources citing Onchain Lens data, Bitmine, with a concentrated staking position of about 4,718,677 ETH, stands on a very clear path: to bind the long-term "cash flow" of Ethereum's foundational layer through validator rewards and network fee sharing. This type of large staking entity resembles an operator holding an entire “mining field,” focusing on the revenue curve over many years; as long as the underlying network remains active and fees continue to be generated, it has the motivation to continuously send new chips into the staking pool rather than frequently gamble on price fluctuations in the secondary market.

Hoffman and Connor took a different path. The former confirmed his liquidation of ETH spot in public while emphasizing his shift towards opportunities within Ethereum's ecosystem applications and layers; the latter continuously reduced his ETH holdings over the past 1-2 years and noted that the other assets in the new allocation outperformed ETH overall. Essentially, they do not deny the Ethereum network itself, but instead shift from "taking base coupons" to pursuing higher-flexibility chips within the ecosystem. Thus, on-chain, institutions like Bitmine continue to lock up funds, while the public discourse is dominated by the voices of veterans openly reducing and reconfiguring their holdings, forming a differentiated picture of "institutions increasing commitments to foundational security + insiders switching tracks." It should be noted that current public information has not disclosed the specific holding data of the two KOLs, nor are there accurate corresponding wallet addresses; their respective motives may encompass multiple factors including risk management, personal liquidity needs, and professional role shifts. Under such information conditions, simply interpreting this round of divergence as “ETH hitting the top” or “long-term worry-free” far exceeds the conclusions that the existing evidence can support.

Valuation ceiling or new accumulation round, answers lie in future on-chain actions

In conclusion, the current ETH stands at the crossroads of "Bitmine and similar whales continuing to amplify staking positions" and "Hoffman, Connor, and other veteran supporters choosing to significantly reduce or even liquidate holdings": on one side is Bitmine increasing its stake by another 5,760 ETH on May 27, 2026, with a total on-chain stake of about 4,718,677 ETH, worth around $9.76 billion, while on the other side, two veterans deeply involved in the Ethereum ecosystem openly acknowledge that they have "voted for other tickets" with their actual positions over the past 1-2 years, yet they also emphasize that they have not turned bearish on the Ethereum network itself but are recalculating the valuation space and relative opportunities of ETH as an asset. At this stage of divergence, it is difficult to definitively conclude "bears winning" or "top signaling" with a simple statement; what truly needs to be tracked is whether Bitmine and potentially entities of similar magnitude continue to expand their total on-chain staking in the coming quarters and whether new large liquidators or reverse buyers appear, and how these actions intertwine over time with Ethereum's technological evolution and application implementation. Readers should also separate the dimensions of "long-term prospects of the network" and "current asset pricing of ETH": the position choices of a single whale, or an individual insider's reduction decision, are insufficient to represent the ultimate judgment of the entire market; in reality, with varying motivations and incomplete information, regarding whether ETH is nearing a valuation ceiling, the answer can only be found in longer-term on-chain behavior and repeatedly revised narratives.

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