Binance CEO Frames Bitcoin Slump as Part of Broader Market Deleveraging

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Binance Chief Executive Richard Teng has characterized Bitcoin’s recent sharp decline as a natural part of market cycles, aligning its volatility with that of other major asset classes. Speaking in Sydney on Friday, Teng attributed the drop to widespread investor risk aversion and deleveraging.

“As with any asset class, there are always different cycles and volatility. What you’re seeing is not only happening to crypto prices,” Teng stated. “At this point in time, there’s a bit of risk-off and deleveraging happening as well.”

His comments come as Bitcoin has tumbled 21.2% in November, erasing gains since its early October peak above $126,000. Despite the slump, which has brought three-month losses to 23.2%, Teng offered a long-term perspective, noting that Bitcoin’s price is still more than double its level from the start of 2024.