After Ethereum (ETH) fell more than 60% from its peak of nearly $5,000 in 2025, some long-term bulls began to reassess their holdings. Market focus has also shifted from ecosystem expansion to the current valuation support for ETH and whether funds are flowing to more resilient tokens.

Hoffman disclosed that he has liquidated his ETH holdings.

David Hoffman, co-founder of Bankless, recently stated that he has sold all of his ETH holdings. This statement has attracted attention because he has long been a leading figure in the "ETH monetization" narrative.

He stated that selling does not represent a rejection of the Ethereum network. In his view, Ethereum has already achieved a large part of the goals its supporters had hoped for, becoming one of the largest ecosystems in the crypto market, and ETH's valuation already reflects a significant portion of these achievements.

Funds are shifting to various tokens

According to reports, Hoffman allocated approximately half of the proceeds from the sale to VVV, NEAR, ZEC, and HYPE, and the other half to buy LIT. This suggests that his adjustment is not an exit from the crypto market, but rather a shift from ETH to tokens with higher volatility and greater elasticity.

He also believes that Ethereum currently resembles public infrastructure rather than a commercial asset capable of continuously strengthening value accumulation. To regain the attention of larger investors, ETH still needs stronger leadership, better coordination, and a clearer direction.

Another analyst has also sold.

In addition to Hoffman, Milk Road reported that its chief analyst, m0xt, has also sold off his remaining ETH holdings. While their reasons are not entirely the same, their conclusions are similar: they see better risk-reward ratios in other assets at this stage.

m0xt's core argument is that, after a significant drop in traditional stocks, investors can usually judge whether they are cheap by looking at earnings, cash flow, or valuation multiples; however, ETH currently lacks a similar clear valuation anchor. Therefore, a 60% drop in price from its peak is not sufficient to automatically indicate that the asset has become attractive.