David Hoffman: BTC is at its 200-week moving average, and it's difficult to replicate an FTX-level systemic collapse in the current environment

According to Odaily, David Hoffman, co-founder of Bankless who previously announced a complete sell-off of ETH, shared his view that the current Bitcoin price is precisely sitting on the 200-week moving average (MA). Reviewing historical market trends, BTC only effectively broke below this moving average during the bear market phase triggered by the successive collapses of Terra, Three Arrows Capital, and FTX, which led to industry-wide liquidations and constituted some of the most destructive systemic crises in crypto industry history. In his opinion, the market risks posed by Michael Saylor’s Strategy introducing convertible bonds and related actions fall far short of the impact caused by those cascading blowups. He also disclosed his holding costs again: NEAR was accumulated at around $1.4, HYPE at about $45, and ZEC at approximately $560.