Bankless co-founder David Hoffman disclosed on May 26 that he had sold his Ethereum holdings and reallocated capital to LIT, ZEC, NEAR and VVV, citing doubts that ETH would achieve a further re-rating as global money. Performance data from roughly the time of the sale through early September showed LIT gaining about 368.75%, ZEC rising 110.41% and NEAR advancing 54.23%, compared with an 8.15% increase for ETH and a 5.55% decline for VVV. DeFi researcher Ignas highlighted LIT and ZEC as the strongest performers following the disclosed rotation. Hoffman said the sale was not a bearish call on Ethereum’s network or ecosystem, and that he remained constructive on its application architecture and layer-2 networks.