Ethereum advocate and co-founder of media company Bankless, David Hoffman, stated that he sold his remaining holdings of Ether (ETH) last week because he believes the argument that "Ether is money" has largely "played out."
Hoffman pointed out that Ethereum has "performed quite well and deserves its current market cap," but that "the window of opportunity for the market to reassess ETH seems to be closing."
Nevertheless, Hoffman reiterated his "extremely bullish" stance on Ethereum, expecting the network to "perform quite well" in the future, but he believes that this success will only be reflected in its token in a "marginal" way.
Hoffman's sale has sparked mixed reactions among ETH supporters, with Bankless co-founder Ryan Sean Adams stating that this marks the "end of an era."
He believes that the lag is primarily due to the selling pressure created by the large number of millionaires generated during Ethereum's early rapid rise, rather than any fundamental flaws in the protocol.
"From a portfolio management perspective, extreme focus on a single coin is quite foolish," he said.