Ethereum has become the China stock of crypto Back in 2023, early ETH investors like Wanxiang were selling at an average of $2,047. By May 2026, Bankless founder Hoffman had fully exited at around $2,000. Bankless, once seen as ETH's external media arm, amplified the "ETH is Money" meme during the 2021 bull run. That hype matched the conviction that blockchain was the future. But now, something feels off. Maybe it's the eight departures from the Ethereum Foundation. Or Vitalik's long post admitting EF holds just 0.16% of ETH supply and shouldn't dominate other nodes. He even hinted at stepping back to give Ethereum freedom. Ethereum has no destroyer. ETH is Money? Believe it or not, I do. But where did the market's faith in ETH's price go? The trust in EF and Vitalik? On-chain activity is stronger than ever, yet dissatisfaction grows. Is it just the price? If BTC dumps, it's a buy. If SOL dumps, its FTX recovery proves value. If HYPE dumps, follow Arthur Hayes. Blaming Vitalik is easy, but other founders are equally abstract. Solana's Anatoly actively engages Hyperliquid. Ripple's founders sold XRP. The L2 era is full of ego-driven TGE players. Vitalik might be abstract, EF might be inefficient, but blaming them for ETH's struggles is tough. If they're not the problem, maybe the environment is. The classic case is China stocks: offshore structure + USD funds + US IPO created a 20-year wealth myth. Ethereum itself is a kind of China deployment gone global. In 2014/15, Vitalik lived at Shen Bo's place, then got $500K from Wanxiang. Unlike BTC mining, Ethereum's IXO, PoW, then PoS was a three-stop ride. ETH was always highly organized. Vitalik wants EF to be just a node, but the ecosystem has never been equal. Now, chain founders and funds must do more. It's not about price. It's about Ethereum's vassals fighting. Someone must use relative power to curb entropy. But Vitalik chose to shrink EF. From Infinite Garden to Ladder theory, his abstraction confuses h...