ETH Dumped: Bankless Co-Founder Says “Ethereum’s Great, ETH’s Meh”

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So, David Hoffman, the guy who co-founded Bankless, decided to dump his entire ETH stash. Why? Because apparently Ethereum’s success is like that friend who always shows up to parties but never brings the good snacks. Sure, it’s there, but does it really add value? Hoffman’s like, “ETH, you’re money, but not the kind I wanna hold onto anymore.”

Hoffman, the guy who’s been Ethereum’s cheerleader since before it was cool, now says the “ETH is money” thesis is like a one-hit wonder. “It played out,” he wrote, probably while sipping a latte and staring at a chart. Meanwhile, ETH is hanging out around $2,050 to $2,100, looking like it just got stood up on a first date. Can’t even break $2,300? Rough.

As someone who’s been in the Ethereum space since 2016, this hits different. Like, really different. It’s like finding out your favorite band sold out to make jingles for car commercials. Bittersweet? More like bitter with a side of “what the hell?”

– 0xtomo.eth (@HAIL) May 26, 2026

Hoffman: Ethereum’s Winning, ETH’s Just Along for the Ride

Hoffman’s basically saying Ethereum’s the star quarterback, but ETH’s the water boy. “I’m super bullish on Ethereum,” he wrote, probably while high-fiving a Layer 2. But ETH? “Yeah, it’ll get a participation trophy, maybe.”

“Ethereum’s killing it, but ETH’s like that cousin who shows up late to the family reunion and eats all the dessert.” – Hoffman, probably.

So, Ethereum’s dominating stablecoins, DeFi, and Layer 2s, but ETH’s just sitting in the corner, wondering where its slice of the pie went. Classic.

The Value Capture Problem: Ethereum’s Too Nice

Hoffman’s take? Ethereum’s like that friend who always pays for dinner and never asks for anything in return. “It’s a giver, not a taker,” he said, which is great for the ecosystem but not so great for ETH holders. Meanwhile, L2s are out here capturing all the value like it’s a Black Friday sale.

Ethereum’s growing, but ETH’s like, “Wait, where’s my cut?” It’s the ultimate “we were on a break” moment for crypto.

I read this and thought, “Yep, crypto’s still a circus.” Hoffman’s a smart guy, but let’s be real-crypto’s more philosophy than finance. If we’d just focused on making it work instead of debating it, maybe ETH wouldn’t be in this mess.

– AKYLLES (@akylles) May 26, 2026

ETH’s Chart: As Exciting as a Monday Morning Meeting

ETH’s technicals are about as inspiring as a PowerPoint presentation. Stuck below $2,200, hovering near support like it’s waiting for a bus that’s never coming. Analysts are like, “Break below this level, and it’s nap time for ETH.”

And don’t even get me started on ETFs. Institutional demand’s like a Tinder date-uneven and unreliable.

Hoffman’s Exit: The Crypto Equivalent of a Mic Drop

Hoffman’s not bearish, he’s just… over it. “ETH, you’re fine, but I’m allocating my capital to something that actually moves,” he said, probably while buying Bitcoin. Still, it’s a big deal. Bankless was like the gospel of ETH, and now even they’re questioning if it’s worth the hype.

So, is ETH still the best way to bet on Ethereum’s future? Hoffman’s like, “Eh, maybe not.” And honestly? Can’t blame him.

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2026-05-27 10:31