David Hoffman: BTC at 200-week moving average, current environment unlikely to replicate FTX-level systemic collapse

Odaily Planet Daily News: David Hoffman, co-founder of Bankless, who previously announced a full sell-off of ETH, shared his view that the current price of Bitcoin is precisely at the 200-week moving average (MA). Looking back at historical data, BTC has only effectively broken below this moving average during the bear market phase when the industry experienced a chain of liquidations triggered by the collapses of Terra, Three Arrows Capital, and FTX. These incidents represented extremely destructive systemic crises in the history of the crypto industry. In his view, the market risks brought by operations such as the convertible bonds issued by Michael Saylor's Strategy are far from reaching the harmful level of the serial collapses back then. Furthermore, he once again disclosed the cost basis of his holdings: NEAR entry cost is approximately $1.4, HYPE is about $45, and ZEC is around $560.