Binance co-founder Changpeng Zhao said the exchange did not sell crypto assets during a broad market decline, and that he personally bought digital assets in the days before prices fell. The remarks came after Bitcoin slid to its lowest level since July over the weekend, a move that wiped out roughly $2 billion in leveraged positions.
Bitcoin hits weekend low, then partially recovers
On November 15, 2026, Bitcoin hit an intraday low between $61,946 and $62,112, depending on the data source. That marked the weakest level for the asset since mid-July.
The selling spread across major crypto assets. Approximately $2 billion in positions were liquidated in the 24 hours ending around 07:00 Singapore time on November 15.
Bitcoin partially recovered later on November 15, climbing back into a range of $64,000 to $64,410.
CZ rejects Binance selling theory
Zhao, known as CZ, rejected the idea that Binance was responsible for the decline. He said Binance had not sold crypto and added that he himself had been buying ahead of the drop.
Instead, he offered a list of five factors that could have contributed to the selloff, while stressing that correlation does not equal causation.
- ETF outflows: US spot Bitcoin ETFs recorded about $1.9 billion in net outflows over the seven trading days leading up to November 13.
- The Anthropic IPO: Zhao named the expected public listing of the AI company as another potential factor.
- Security incidents: He also flagged security problems as a possible source of pressure on sentiment.
- US inflation trends: Hotter-than-expected inflation data has reportedly lifted expectations that the Federal Reserve could raise interest rates.
- Post-midterm regulatory uncertainty: Political uncertainty following the US midterm elections may lead to tighter rules on crypto, according to Zhao’s framing.
What the data shows
The ETF figure is among the most concrete numbers in the episode. About $1.9 billion leaving US spot Bitcoin ETFs in seven trading days suggests a cautious mood among investors who use those products.
The liquidation total also tells a story. Roughly $2 billion in forced closures signals that many traders were positioned with leverage heading into the weekend.
Bitcoin’s recovery into the $64,000 to $64,410 range on the same day shows buyers were willing to step in near the lows. Zhao says he was one of them, at least before the drop. He also reiterated that his long-term view on the industry remains bullish despite the volatility.
