CZ Denies Binance Sold Bitcoin (BTC) After Dip to $62,006

CZ Lists Five Possible Causes

Binance co-founder Changpeng Zhao (CZ) has denied the exchange sold any coins after the Bitcoin (BTC) price slid to $62,006 on Saturday, its lowest level in four months. In a post on X, he listed five possible causes for the drop and said he had bought the dip himself. The post opens by asking why the price fell and answers that nobody can say for certain, since correlation does not prove cause. The five candidates: capital rotating toward the Anthropic initial public offering expected on November 19; outflows from United States spot Bitcoin ETFs; security worries; expectations of further Federal Reserve rate increases; and the midterm elections. On the Anthropic angle he cited a comparison from the analysis account ColeMacro: Bitcoin (BTC) fell 19% in the 50 days before SpaceX's June 12 listing and stood 18% lower over the comparable stretch when that post went up on November 13. On flows, about $1.9 billion left United States spot Bitcoin ETFs over seven trading days through November 13. The security column takes in the Binance hack, iPhone-linked wallet thefts, a Chrome vulnerability and a Microsoft outage, events he suggested may leave some holders reluctant to keep funds in crypto. He wrote that Binance has not sold and that he had converted recently obtained stablecoins into crypto over the past few days, quipping his own buying was "maybe the reason" for the fall, an inversion of the usual HODL advice. He closed by recording the intraday low of $62,006 and arguing that crypto keeps growing over the medium to long term, a view he flagged as personal. Derivatives data shows roughly $1.96 billion in positions liquidated on Saturday evening as Bitcoin broke below $63,000. The coin has since rebounded, trading near $65,100 at the time of writing, up 2.4% on the day.

@cz_binance · X post

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Liquidations Cool, Outflows Persist

The weekend slide forced leveraged traders out at scale. In the 24 hours from Saturday 8:00 a.m. New York time, liquidations reached about $2.02 billion, $1.68 billion of them longs betting on higher prices and $342.4 million shorts. The flush caught crypto whales running high leverage. As prices steadied, the rolling 24-hour total had eased to about $743 million by late Sunday afternoon. The damage reached well beyond Bitcoin (BTC). Ethereum lost 18.2% on the week to $1,815 and Solana 19.7% to $71.68, a broad sell-off across the altcoin market that left Bitcoin down 14.2% on the weekly frame even after its rebound to about $64,910 on Sunday afternoon. Spot ETF outflows remain the heaviest overhang. United States spot Bitcoin ETFs bled net outflows for a seventh consecutive trading day through November 13, a cumulative $1.91 billion and one of the worst seven-day stretches since the products launched. Ethereum ETFs shed another $398.9 million last week, a seventh straight week of outflows approaching the record run of eight. Counting both assets, weekly ETF outflows reached $1.46 billion. Binance Research, in a post shared by both executives, put the 11-day decline at 15.6%, the steepest over a comparable window since June, and noted that perpetual contracts on Nebius, a proxy for AI financing sentiment, fell 27.5% over the same span. About 70 minutes apart on Sunday, Binance CEO Richard Teng and co-founder He Yi published identical statements: short-term pressure is a normal reaction to tightening macro conditions and softer AI financing sentiment, while the long-term case for crypto holds as institutional infrastructure matures and adoption advances. Both accounts shared the same research post. The research note sets two markers for the sessions ahead: whether United States selling pressure, ETF redemptions and spot sales included, fades, and what NVIDIA's new chief executive says about financing commitments on the earnings call due after the United States close on November 17.

@_RichardTeng · X post

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Oversold With Longs Still Crowded

The bounce looks fragile on our composite scoring. The spot price sits at $65,115, with resistance at $65,747 scored 72/100 and support at $62,978 scored 89/100, just above Saturday's low. Momentum is heavy: the relative strength index reads 23.77 with a bearish MACD signal. Positioning leans long, with open interest near $13.03 billion and 77.4% of accounts long, so another leg down would force more of the long liquidation dominance our report tracked at a five-year high, after the earlier defense of the 200-week average. The sell-off is a flows story; nothing changed in Bitcoin's proof of work. Sentiment reads 10/100 on the Fear & Greed Index, extreme fear, the backdrop against which the denial now gets tested. Full levels sit on our Bitcoin technical analysis page.