The Bankless co-founder just FULLY LIQUIDATED his entire $ETH position. And let me be crystal clear—this wasn't a panic dump from someone who suddenly turned bearish on Ethereum. Absolutely not. David Hoffman, one of the most OG bullish voices in the space, explained that his thesis—"ETH is money"—is essentially COMPLETE. 🧠 The mission? Accomplished. But here's the haunting part for every ETH holder still clutching their bags: Hoffman argues that Ethereum itself remains incredibly strong, yet the VAST MAJORITY of value is now flowing to the apps, L2s, and stablecoins building on top of it. The network is thriving, but the native asset's capture of that value? That's the real question. 🔥 Let's break down this brutal, institutional-level reality. Ethereum is giving TOO MUCH to its ecosystem—liquidity, security, decentralization—while ETH itself may not be receiving enough back in return. It's the ultimate irony: the base layer is the foundation of an empire, but the profits are migrating to the provinces. If even the biggest ETH maximalist is cashing out, what does that say about the risk/reward from here? This isn't FUD—it's a cold, hard look at the value accrual mechanism that might be broken. 💔 So here's the uncomfortable truth for the diamond hands still refusing to let go: the guy who wrote the book on bullish ETH just closed his book. Are you still holding because of conviction, or because of inertia? The ecosystem is eating its own base layer, and the market is starting to price that in. 🚨 #Ethereum #ETH #Bankless #DavidHoffman #Crypto #Altcoins #DeFi