Binance CEO Richard Teng says the recent crypto sell-off isn’t a crypto-only problem — it’s part of a bigger global shift happening across all markets.
Speaking at a media roundtable in Sydney on November 21, Teng explained that the drop in Bitcoin and other digital assets is mostly tied to macro uncertainty, not anything wrong with the crypto market itself.
He put it plainly:
“This isn’t just happening to crypto prices.”
Crypto is reacting like every other risk asset
Bitcoin has fallen about 21% over the past month, sliding to around $84,997 after hitting an all-time high of $126,198 in early October. That kind of move rattles retail traders, but Teng says it’s the same pattern you see in stocks and other risk-sensitive markets.
Rising inflation, weak employment data, and fading hopes for interest-rate cuts are forcing investors everywhere to rethink their risk levels. According to Teng, this is causing global deleveraging, meaning investors are pulling back and reducing exposure across the board.
Despite lower volumes this month, Teng stressed that there are no structural issues and no liquidity problems in crypto markets right now.
Bitcoin is still up over 100% this year
Teng also reminded people that even with the pullback:
- Bitcoin is still up more than 100% year-to-date.
- Big players like BlackRock continue to push deeper into the space.
- Profit-taking after a massive run is natural — even healthy.
“After the strong performance of the last year and a half, it’s normal for people to lock in some profits,” he said. “We’re also seeing a bit of risk-off behavior and some deleveraging.”
What about CZ returning to Binance?
Teng also touched on a question that’s been circulating since former CEO Changpeng Zhao was pardoned by U.S. President Donald Trump.
His answer: Binance hasn’t made a decision yet on whether CZ will return to the company in any role.
