Bitcoin’s Sharp November Drop Tied to Deleveraging, Says Binance CEO
Binance CEO Richard Teng said Friday that bitcoin’s steep decline this month is consistent with volatility patterns across major global asset classes.
Speaking at a media roundtable in Sydney, Teng noted that investors are unwinding leveraged crypto positions amid a broader wave of risk-off sentiment.
Bitcoin has fallen 21.2% in November and is down 23.2% over the past three months, raising the likelihood that BTC could end the year below the $90,000 mark.
This correction follows bitcoin’s record-breaking surge above $126,000 in early October.
“Risk-Off” Mood Hits Global Markets
Teng emphasized that crypto is not alone in its volatility:
“As with any asset class, there are always cycles and volatility. What you’re seeing is not only happening to crypto prices.”
Global equities saw heavy selling this week as concerns intensified over an AI-driven valuation bubble. Even strong earnings from Nvidia failed to calm investor anxiety.
Bitcoin Still Trading at Double Its 2024 Levels
Despite recent weakness, Teng highlighted that bitcoin remains more than twice as valuable as it was in 2024, when major institutions such as BlackRock expanded their crypto investment products.
He added that profit-taking was expected after bitcoin’s strong rally:
“Any consolidation is actually healthy for the industry — for the industry to take a breather, find its feet.”
No Decision Yet on CZ’s Return to Binance
Teng also addressed questions about whether Binance founder Changpeng Zhao (CZ) will return to an operational role at the company after receiving a presidential pardon from Donald Trump in October.
Teng said no formal decision has been made:
“CZ has always been a controlling shareholder. As controlling shareholder he has more shareholder rights associated with that.”
He emphasized that daily operations continue to be overseen by a seven-member board, including three independent directors and an independent chairman.
Zhao, a Canadian citizen born in China, paid a $50 million fine and served nearly four months in prison after pleading guilty in 2024 to violating U.S. money-laundering laws.
He stepped down in 2023, when Teng became CEO.
Bottom Line
Bitcoin’s November slump reflects broader market stress rather than crypto-specific weakness, according to Binance’s CEO. And despite price turbulence, BTC remains massively ahead of 2024 levels.
Meanwhile, uncertainty lingers over whether CZ will return to Binance leadership — a key storyline to watch as the exchange continues navigating global regulation and market volatility.
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