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

David Hoffman, co-founder of Bankless who previously announced the liquidation of his ETH holdings, shared his view that Bitcoin’s price is currently sitting right on its 200-week moving average (MA). Looking back at historical price action, BTC only effectively broke below this moving average during the bear market phase when Terra, Three Arrows Capital, and FTX successively imploded, triggering a chain of liquidations across the industry—what is considered the most devastating systemic crisis in crypto history. In his view, the market risks brought by moves such as Michael Saylor’s Strategy issuing convertible bonds are far from reaching the level of harm caused by the chain of blowups back then. Additionally, he once again disclosed his entry prices for his holdings: NEAR at about $1.4, HYPE at about $45, and ZEC at about $560.