CoinEx News: Bankless co-founder David Hoffman published "Why I Sold My ETH" on May 26 after saying he had sold his ETH, arguing that Ethereum's network can keep succeeding while ETH's asset rerating thesis has largely played out. He said smart-contract L1 assets remain tied to activity, fees and revenue, citing 2026 NEAR rerating alongside L1 revenue growth and NEAR burns as a contrast to ETH's weaker value capture.

Hoffman frames ETH's challenge as value capture rather than network survival, prompting traders to separate bullish Ethereum adoption from the monetary premium they assign to ETH.