David Hoffman, one of the biggest Ethereum maximalists of his time, who sold all his Ethereum holdings and switched to various altcoins, has spoken about Bitcoin (BTC).
David Hoffman, also the co-founder of Bankless, stated in his analysis on X that Bitcoin is approaching its 200-week moving average.
However, he added that it doesn’t seem likely to fall below this level. He said the only time Bitcoin has fallen below this level was immediately after the Terra (LUNA) crash, and the Three Arrows Capital (3AC) and FTX bankruptcies.
He noted that these have been described as the worst crises in the history of cryptocurrency.
Hoffman concluded by stating that concerns regarding Strategy’s BTC sale (founded by Michael Saylor) and the STRC perpetual preferred stock issuance were insignificant compared to the impact of past crises.
David Hoffman also responded to a user’s question about entry prices for NEAR, HYPE, ZEC, and LIT, stating that he purchased NEAR for approximately $1.40, HYPE for approximately $45, ZEC for approximately $560, and LIT for approximately $1.35.
Hoffman previously stated that after selling all his Ethereum assets, he allocated approximately 50% of the proceeds to buying VVV, NEAR, ZEC, and HYPE. He also mentioned that he used the remaining half to purchase the altcoin LIT.
*This is not investment advice.
