David Hoffman, co-founder of Bankless, just dropped a hot take that's stirring up the Ethereum community. He's selling his ETH, and here's why. He still believes in Ethereum's network, but argues the "ETH is Money" thesis has essentially played out. In his view, Ethereum has already reached a valuation that matches its real-world progress. That means the massive upside we once dreamed of for ETH specifically may be limited from here. So what's the move? Hoffman is reallocating his capital into other market opportunities where he sees higher potential returns. Here's the kicker. He points out that Ethereum's architecture is increasingly funneling value to applications, L2s, stablecoins, and the broader on-chain asset ecosystem, not necessarily back to ETH itself. The network is thriving, but the value capture is shifting away from the base layer. This isn't a bearish call on Ethereum. It's a strategic portfolio shift. As of now, ETH trades around $3,400, reflecting a market that's still bullish on the network, but maybe not as bullish on ETH as the single bet. Hoffman's logic is sharp. The question is, do you agree that the "ETH is Money" narrative has already peaked? Or is there still room for a second act? Let's discuss.