David Hoffman's complete liquidation of ETH is the latest signal of OG belief erosion, combined with the Ethereum Foundation's ongoing sell-offs. The core issue lies in insufficient L1 value capture. Tom Lee continues to buy through Bitmine, aiming to lock in 5% of the supply, but the $7.2 billion unrealized loss exposes significant risk exposure for institutional-level longs. His long-term bullish stance clashes fiercely with shorts like Andrew Kang, highlighting market divisions over ETH narratives. The current focus has shifted from L2 ecosystem prosperity to whether the Pectra upgrade can activate a deflationary mechanism, and whether new narratives like RWA and AI can generate real demand.

On May 21, today may be a conflicted day for steadfast ETH holders. Long-time evangelists of the Ethereum ecosystem, Bankless co-founder David Hoffman, announced he is liquidating his ETH holdings after enduring two bull-bear cycles.

Meanwhile, compared to the contrarian rise of HYPE and ZEC, ETH is still struggling: it doesn’t rally in bull markets and crashes hard in bear markets. Several ETH OGs have already fully exited in this cycle. Additionally, community debates over governance models and development directions continue, while the Ethereum Foundation keeps selling off, and the funds it has funded have yet to incubate star projects. After 11 years, ETH seems to be facing a "midlife crisis."

In this "betrayed and abandoned" moment, Tom Lee and "Maji" appear to be the only remaining, most loyal ETH defenders in the market—though both are already "bruised and battered."

Tom Lee continues to make large purchases and holds a massive ETH position through Bitmine, steadily progressing toward his goal of accumulating 5% of the supply. Despite his strong long-term holding conviction, his position is currently unrealized loss of $7.2 billion, a figure rare in financial history.

Meanwhile, "Maji," despite dozens of contract liquidations, remains steadfast in opening long ETH positions. During tonight’s decline, "Maji" kept adding to his position. As of press time, ETH is his only remaining long asset, with a position worth $10.92 million, liquidation price at $2,077. $ETH
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