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When Ethereum begins to lose its followers
【Plain Language Guide】Bankless co-founder David Hoffman completely withdraws all ETH, even selling years-held CryptoPunks for Zcash; at the same time, several core members of the Ethereum Foundation (Tim Beiko, Carl Beek, etc.) leave en masse, and ETH/BTC drops to a new low of 0.02835 in July 2025.
Governance fractures, economic bleeding (L2 parasitic mainnets), ideological splits (refuge vs. financial empire)—under these triple pressures, Ethereum is experiencing growing pains. Whether the Pectra upgrade and Vitalik’s “refuge technology” new narrative can stop the bleeding remains to be seen. The market is voting with real money, and this time, Ethereum must provide its own answer.
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