PANews reported on May 27th that David Hoffman, founder of Bankless, explained his reasons for liquidating his ETH holdings in an article on the X platform. Hoffman wrote that he remains extremely optimistic about the Ethereum network and the entire ecosystem, stating that Ethereum's architecture was designed to maximize the success probability of its applications, L2, and ecosystem. The "fat application" theory means that applications on Ethereum can capture the vast majority of transaction fee revenue, while the "rollup-centric" roadmap means that L2 can achieve a profit margin of up to 97%.

However, Hoffman sees it increasingly difficult for ETH itself to be structurally repriced by the market, whether upwards or downwards. He stated that selling ETH is not a sign of being bearish on ETH, but rather because the narrative of "ETH as currency" has been largely completed, and he hopes to allocate funds to other opportunities he sees in the market.