In plain terms, ETH has shifted from being a "story stock" to a "value stock," and the window for excess returns has closed. The veteran players are retreating to find the next narrative—that's quite rational, although it stings for Holders to hear.

Hoffman stated that selling ETH is not bearish, but rather that the "ETH is Money" narrative has essentially been realized. ETH's market value roughly corresponds to actual results, and significant structural revaluation is unlikely in the future. Ethereum creates value through its application/L2/stablecoin ecosystem, which may not directly increase ETH's value. As applications/L2 share value and stablecoins strengthen the dollar system, the narrative narrows, and he shifts his focus to other opportunities.