Belief collapses, myths are shattered. The most hardcore Ethereum fans have sold all their ETH. These idealists have finally been jolted awake by reality.

Just after writing the “Moutai Moment,” the guy next door, Deep Tide, posted an even more explosive exposé: Bankless founder David Hoffman—the leading “big leader” who, for the past 6 years, has been putting “ETH is a super-sonic currency” on everyone’s lips—has already fully liquidated all the ETH he held.
The crypto world immediately blew up. But in a long post he explained it himself; the logic is extremely clear, extremely painful: he is broadly bullish on the Ethereum ecosystem, but he is bearish on ETH itself as a coin. In other words: Ethereum, as a chain, will be extremely successful in the future—but that kind of success has nothing to do with ETH’s price anymore, not even half a cent.
Why? Because, in terms of architecture, Ethereum is a “pure-hearted good samaritan” in the truest sense.
In 2021, ETH was amazing because it captured all the network fees across the entire network. What about now? Ethereum has outsourced all the profitable work to L2. L2 lies there and takes 97% of the profits, while the application layer eats up the remaining scraps—yet the mainnet itself provides network security to everyone at cost price. It’s so noble, so noble that it refuses to take a cut for itself.
Stocks of water, electricity, and gas companies can never turn into gold.
Even more awkwardly, Ethereum has now become a parasite of the U.S. dollar. The on-chain stablecoin supply has skyrocketed from 30 billion to 163 billion, and the U.S. government has even publicly said it wants to use Ethereum to maintain dollar hegemony. See the problem? The more successful Ethereum becomes, the more it turns into something that looks like “money”—and the “money” on it is the U.S. dollar, not ETH.
Let’s talk about industry consensus. Hoffman admits that the whole heavily encrypted narrative—“rebellion, resistance to traditional finance”—has completely died. In today’s crypto scene, to outsiders, it’s just a concentration camp of scammers, hustles, and Memes. When the public’s window of belief closes, the grand narrative of ETH becoming a global reserve asset has already played out, and the last card is already on the table.
ETH won’t go to zero, but don’t expect it to surge and reprice again. It has obtained the market value it deserves as “public infrastructure,” and then, the story ends.
I admire Hoffman. In the face of facts, he had the courage to admit he was wrong—no scapegoating, no acting like a god, no tricks. He’s ten thousand times better than those stubborn influencers who only know how to hype buy orders when prices rise and pretend to be dead when things fall.
When the person who understands Ethereum best has already switched his positions to chase other opportunities, are you still clinging to that “ultrasonic pancake” that even the founder himself no longer believes in?