Ethereum Foundation Co-Executive Director Hsiao-Wei Wang resigns, marking the second top executive to leave recently. Vitalik highly praises her decade-long contribution, but the market is more concerned: Is the ongoing turbulence in governance weakening the fundamental trust in Ethereum as an asset?

From Tomasz Stańczak’s departure last year to Wang Xiaowei’s resignation now, the loss of senior EF executives is not an isolated event. Ethereum is in a critical development stage before the Pectra upgrade, and governance instability could slow down protocol iteration. More concerning is whether this "people leave, tea cools" signal will affect institutional willingness to allocate to ETH—especially as ETH’s price has fallen below $1,700 and technical levels have broken down.
The market has voted with its feet: the ETH/BTC exchange rate continues to decline, and on-chain activity shows no signs of improvement. Restoring governance trust takes time, and short-term price pressure may lead more funds to flow into Bitcoin or emerging public chains. For holders, monitoring EF’s next personnel arrangements and the progress of the Pectra testnet is more meaningful than guessing support levels.
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