Binance CEO Richard Teng not too long ago shared his ideas on Bitcoin’s function available in the market, utilizing three phrases to sum it up: international macro dialog. For Teng, Bitcoin (BTC) has grown previous the stage of simply being a digital asset. It now trades consistent with the identical flows that drive credit score, liquidity and charges world wide.
Binance’s personal information underscore that function. The most recent proof-of-reserves audit reveals buyer balances of about 608,000 BTC, whereas the trade holds greater than 629,000 BTC in whole. That could 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 international finance, not simply crypto buying and selling.
#Bitcoin has moved past being only a digital asset.
As we speak, it’s a world macro dialog.
— Richard Teng (@_RichardTeng) September 16, 2025
Teng’s remark is a part of an even bigger change in how Bitcoin strikes. The actual 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 virtually half of Bitcoin’s value modifications.
Old style methods of measuring, like cash provide deposits, usually are not actually working effectively now. Most monetary exercise worldwide is linked to rolling over debt, so central banks are below fixed stress so as to add liquidity reasonably than withdraw it. This stress makes individuals need to maintain onto their cash, which is nice 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 international liquidity.
Teng’s three phrases mainly cowl it. Bitcoin has turn out to be a part of the macro playbook, shifting with the rhythm of credit score and capital reasonably than simply crypto sentiment.
