Binance CEO Richard Teng lately shared his ideas on Bitcoin’s position available in the market, utilizing three phrases to sum it up: world macro dialog. For Teng, Bitcoin (BTC) has grown previous the stage of simply being a digital asset. It now trades according to the identical flows that drive credit score, liquidity and charges all over the world.
Binance’s personal data underscore that position. The most recent proof-of-reserves audit exhibits buyer balances of about 608,000 BTC, whereas the trade holds greater than 629,000 BTC in whole. That may be a protection ratio of 103.5%.
Principally, Binance has an enormous stockpile of over 600,000 cash, which makes it an enormous participant in world finance, not simply crypto buying and selling.
#Bitcoin has moved past being only a digital asset.
Right this moment, it’s a world macro dialog.
— Richard Teng (@_RichardTeng) September 16, 2025
Teng’s remark is a part of a much bigger change in how Bitcoin strikes. The very fact that there’s a lot of liquidity all around the world, by way of collateral, credit score and refinancing, which retains markets working, explains nearly half of Bitcoin’s worth adjustments.
Old school methods of measuring, like cash provide deposits, are usually not actually working nicely now. Most monetary exercise worldwide is linked to rolling over debt, so central banks are underneath fixed stress so as to add liquidity somewhat than withdraw it. This stress makes folks need to maintain onto their cash, which is sweet for Bitcoin and gold.
It’s all in regards to the cycles
Analysts additionally level to cycles in liquidity. It’s thought {that a} five- or six-year cycle will hit its peak in September 2025, whereas a shorter 200-day cycle already pointed to Bitcoin’s $16,000 low again in 2023. Now each are overlapping, making it even clearer that the cryptocurrency is linked to world liquidity.
Teng’s three phrases principally cowl it. Bitcoin has change into a part of the macro playbook, shifting with the rhythm of credit score and capital somewhat than simply crypto sentiment.
