Why I Sold My ETH

David sold his ETH because the "ETH-is-money" thesis, while not failing, won't deliver asset rerating despite Ethereum's network success. He argues L1 assets are valued on revenue share (where ETH lost dominance post-2022), crypto's reputation never recovered outside 2020-2022, and Ethereum's architecture as open-source infrastructure means it captures less value than the utility it provides—stablecoins on Ethereum ($163B, up 54x from $3B) help dollar hegemony more than ETH itself. He remains bullish on Ethereum but sees limited structural upside for the ETH asset.