David Hoffman: Bitcoin at 200-Week MA, Current Environment Unlikely to Replicate FTX-Level Systemic Collapse

Odaily Odaily reports that David Hoffman, the co-founder of Bankless who previously announced a full exit from ETH, shared his perspective that Bitcoin’s price is currently precisely at the 200-week moving average (MA). Looking back at historical price movements, BTC has only effectively broken below this moving average during the bear market phase when the collapses of Terra, Three Arrows Capital, and FTX triggered a chain of industry liquidations, representing some of the most destructive systemic crises in crypto history. In his view, the market risks introduced by moves such as Michael Saylor’s Strategy issuing convertible bonds are far from reaching the level of harm caused by the chain of collapses in those years. Additionally, he has disclosed the cost basis of his positions: NEAR accumulation cost around $1.4, HYPE around $45, and ZEC around $560.