Bankless co-founder David Hoffman wrote a long post explaining why he sold all his ETH. He’s extremely bullish on the Ethereum network but believes that ETH as an asset is becoming harder for the market to reprice. The narrative of 'ETH is Money' hasn’t failed—it just didn’t reach the most ideal outcome. He pointed out a few issues: 1. The activity on L1, transaction fees, and the price of the native asset are highly correlated. 2. The more successful Ethereum becomes, the more it ends up benefiting other assets. 3. Ethereum’s architecture inherently makes it a 'giver.' ETH’s market cap reflects its rightful position, but the window for repricing is closing. He didn’t sell ETH because he’s bearish but because he feels this narrative has run its course. He wants to allocate his funds to opportunities he believes have greater potential.