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

Previously, David Hoffman, co-founder of Bankless, which officially announced the liquidation of ETH, expressed the view that the current Bitcoin price is just at the 200-week moving average (MA).

Reviewing the historical market, BTC only effectively broke below this moving average during the bear market phase triggered by the consecutive collapses of Terra, Three Arrows Capital, and FTX, which was also a highly destructive systemic crisis in the history of the crypto industry.

In his opinion, the market risks brought by the convertible bonds and other operations launched by Michael Saylor's Strategy do not reach the level of harm caused by the previous series of collapses. In addition, he disclosed the cost of his holdings again, with the cost of NEAR at about $1.4, HYPE at about $45, and ZEC at about $560.