“ETHEREUM IS INCREDIBLE… BUT ETH MAY NOT CAPTURE THE VALUE?” Hoffman just explained why he sold ETH, and his argument is sparking major debate across the crypto market. What makes this interesting: He’s not bearish on Ethereum. In fact, he believes Ethereum is succeeding at almost everything: - Stablecoins - DeFi - Tokenized assets - Layer 2 infrastructure - The foundation of the on-chain economy But the real question is: Does all the value created on Ethereum actually flow back into ETH? According to Hoffman: Not necessarily. Ethereum today looks like a digital nation where everyone can build, scale, and make money. But ETH itself is not always the mandatory center of that value flow. In other words: - More Layer 2 growth - More stablecoin adoption - More tokenization …doesn’t automatically mean ETH price explodes higher. And that’s the key difference between Ethereum and Bitcoin. Bitcoin chose simplicity. Everything strengthens BTC itself. The network exists primarily to reinforce Bitcoin’s value. Ethereum chose the opposite path. Ethereum wants to become: - the global computer - financial infrastructure - the settlement layer for tokenized assets - the backbone of a new internet economy A far more ambitious vision. But also a much harder one when it comes to value capture for ETH. Hoffman believes: - ETH is already fairly valued at current market cap - There’s no obvious near-term catalyst strong enough to change market perception dramatically - Other opportunities may simply offer better upside That’s why he exited his position. Not because Ethereum is failing. But because ETH, as an investment asset, may no longer have the most attractive narrative. And this might be one of the biggest debates in crypto today: Ethereum could dominate blockchain infrastructure…But will ETH itself become the asset that captures most of that value? What do you think? #OKXPizzaDay $BTC $ETH