ETH's sky is falling again—Peter Thiel has fully liquidated all his ETHZilla holdings. This isn’t just a personal move; it’s a symbolic event marking a shift in venture capital’s attitude toward Ethereum. ETHZilla is a treasury company deeply tied to Ethereum’s core operations, not just another crypto project. At first, I thought it was just a personal portfolio adjustment, but later I realized this reflects a consensus shift at the institutional decision-making level. Exits of this scale are never spur-of-the-moment decisions. As one of the earliest and most prominent U.S. venture capitalists in the crypto space, Thiel’s every move is seen as a key indicator of traditional capital’s stance on crypto. Naturally, his liquidation has sparked widespread industry discussions about confidence in Ethereum-related capital. It’s still unclear whether this will trigger a wave of follow-up sell-offs, but based on publicly disclosed information, this is the first complete liquidation by a major U.S. venture capital firm of an Ethereum-linked treasury company through the end of 2025.