Ethereum's Biggest Believer Just Sold. Here's What He Said.



 One of Ethereum's most well-known advocates, David Hoffman, co-founder of the Bankless media platform, made headlines across the crypto world last week when he confirmed he sold his entire ETH position after holding for nine years.

Hoffman was clear that this was not a bearish call on Ethereum as a technology. He remains, in his own words, massively bullish on the network and its ecosystem. What changed was his view on ETH as a financial asset. His argument: the thesis that ETH would become a globally dominant form of money has already run its realistic course. The network achieved a market cap that reflects its actual progress. The window for a structural rerating upward, or downward, appears to be closing.

The timing is significant. Exchange outflow data from CryptoQuant shows Ethereum withdrawals from exchanges dropped to 16.05 million ETH over the past 30 days, the lowest figure since June 2024. Binance alone accounted for around 7 million ETH of that volume. The drop reflects a quieter, more cautious market than the conviction-driven periods of 2024 and early 2025, when monthly outflow figures were hitting 30 to 40 million ETH.

Not everyone is reading the situation the same way. Crypto trader Alicharts is actively buying Ethereum through any weakness, pointing to the MVRV 0.8 pricing band as a historically rare accumulation zone. When ETH has dropped below this band in previous cycles, the window has tended to close quickly. His read is that the current setup is a long-term entry, not a breakdown.

The debate between these two perspectives, sell into uncertainty or accumulate into weakness, is playing out in real time. Hoffman's co-founder Ryan Sean Adams offered a simpler counter: maybe the thesis is just taking longer than expected.

For a full breakdown of the on-chain data, the MVRV case, and what Ethereum's exchange outflow chart is pointing to right now, the full analysis is live at CryptoNewsLive.org.

Read the full article: CryptoNewsLive.org

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