#ETH在2000关口震荡

Did the Founder of Bankless Really Sell His Ethereum? On-Chain Data Proves It

Bankless co-founder, David Hoffman, has sold all of his Ethereum
ETHUSD
holdings. He believes that the thesis “ETH is money” has been fully realized. On-chain data and daily charts also show that the market has already priced in his move.

Ether is trading around US$1,975, down 2.4% in a day and about 14% over the past month. The number of active addresses continues to decline, and exchange balances are rising again. Both reflect the decline described by Hoffman in his exit note.

Reasons Why David Hoffman Sold His ETH

Hoffman states that the thesis “ETH is money” is a very heavy bet. He argues that it requires each Ethereum layer to outperform its competitors. According to him, that standard has not been met.

The Bankless co-founder emphasizes that he remains optimistic about the Ethereum network. However, he does not see any structural value change for ETH as an asset. He believes this protocol returns value to L2 and applications, rather than holding it.

His sale has garnered widespread attention in the crypto world. Hoffman has been known as one of the most vocal Ethereum supporters over the past five years. Market reactions are divided. Some traders agree that the thesis is over. But others see ETH as a discounted opportunity to bet on Web3.

Declining Active Addresses Indicate Weakening Network Demand

The number of daily active addresses on Ethereum has been decreasing since early February, according to Santiment data. This metric peaked at over 1.5 million in January. Now, it has fallen to around 544,000.

This decline aligns with the price correction from above US$3,400 in early December to below US$2,000 currently. Hoffman states that L1 assets are ultimately valued based on costs and revenue. Costs only flow if users continue transacting on the main layer.

In his exit note, Hoffman highlights Solana’s re-rating in 2024 and NEAR’s move in 2026. Both show that the strength of L1 tokens is highly related to market share of fees. Ethereum lost that share throughout 2024 and 2025.

He also mentions BNB and TRX, two chains with the highest revenue. Their charts move in line with Hoffman’s expectations for ETH after 2022. The conclusion is that fee dominance, not technology, determines the upper limit of an asset’s value.

If this trend reverses, the signals weaken. Active addresses need to rise back above one million on a 30-day average. Until then, on-chain data remains consistent with Hoffman’s bearish outlook.

Demand weakens as activity shifts to L2. However, L2s hardly generate any revenue back to the Ethereum main layer.

Exchange Supply Reverses, Sellers Reappear After Accumulation Phase

The second on-chain signal shows an interesting movement. ETH supply on exchanges plummeted at the end of January, from about 8.5 million to around 7 million. This low level persisted until April, indicating quiet accumulation.

However, in May, the trend reversed. ETH supply on exchanges rose again to 7.5 million and is now stable at that level. Coins returning to exchanges usually signal holders are preparing to sell.

This rotation is small in absolute numbers but significant in direction. It coincides with a breakdown below US$2,140 on the daily chart and also with the resumption of declining active addresses.

Hoffman believes that the on-chain bullish phase for ETH will eventually fade. The network is structurally a “giver, not a taker.” The supply reversal on exchanges in May aligns with this view.

Holders who accumulated during the price dip are now distributing as the market weakens. They are no longer waiting for structural value changes.

This behavior also aligns with Hoffman’s point about stablecoins in his article. Ethereum currently processes US$163 billion in stablecoins, up from US$3 billion in 2020. That utility actually supports the US dollar more than ETH. Holders seem to recognize this as well.

Net inflows to exchanges typically exert downward price pressure over the next few weeks. If the May trend continues into June, ETH could face new selling pressure even before the daily chart drops further. The Q1 accumulation case is no longer as strong.

ETH Price Prediction: Potential Floor at US$1,920

The daily chart shows ETH trapped in a downward channel since late April. The price was rejected at the Fibonacci retracement level of 0.382 at US$2,382 in early May. Then, ETH lost the 0.236 level at US$2,140 in mid-May.

Currently, ETH is trading at US$1,978 and slowly moving toward the lower band of the channel. This area aligns with the nearest support at US$1,920. If that support is broken, the price could fall toward US$1,750, the previous swing low and Fibonacci anchor 0.

Trading volume has also declined since early February. This decline indicates weak conviction from both buyers and sellers. Meanwhile, the 14-day Relative Strength Index (RSI) is near 30, signaling it is approaching oversold territory.

Historically, when ETH’s RSI drops below 30, a sharp reversal against the trend often occurs. However, these rallies tend to end before the main trend resumes. Therefore, traders should watch for potential declines to the US$1,920 zone followed by daily reversal candles as signals of trend resistance.

A setup that could turn the bias bullish is a daily close above US$2,140. This move would reclaim the 0.236 Fibonacci level and open the door to break US$2,382. Until then, each rally tends to weaken within the downtrend channel.

A rebound from US$1,920 with increased volume could give bulls more time. If the price closes below that level, it would confirm Hoffman’s structural view. It could also push the price toward US$1,750.

Retesting US$1,750 would be ETH’s lowest level in 2026. It would also wipe out the spot holder’s efforts over the past few months. Bulls need to keep the US$1,920 zone strong to avoid this scenario.

Currently, the channel, on-chain data, and Hoffman’s theory form a series of bearish signals. No single signal is definitive on its own, but combined, they exert pressure in the same direction. Buying ETH now means betting that all three will reverse simultaneously.

Monitoring the US$2,140 reclaim level is the clearest way to see who controls the next move—bears or bulls. Until that level is truly reached on the daily close, the burden of proof remains with the bulls, just as Hoffman’s “Why I Sold My ETH” note explains.