Bankless co-founder David Hoffman has highlighted that Bitcoin is currently trading precisely at its 200-week moving average (MA). Reviewing market history, BTC only effectively fell below this critical moving average during the bear market phase triggered by the successive collapses of Terra, Three Arrows Capital, and FTX, a period that marked one of the most destructive systemic crises in crypto history, characterized by cascading industry-wide liquidations.
In Hoffman’s view, the market risk introduced by Michael Saylor’s Strategy through operations such as issuing convertible bonds is far less severe than the damage caused by those consecutive blowups. He also disclosed his latest position cost basis, revealing that he built his NEAR position at around $1.4, HYPE at approximately $45, and ZEC at roughly $560.