Richard Teng, the CEO of Binance, recently articulated his perspective on Bitcoin’s significance in the financial landscape, encapsulating it in three words: global macro conversation. According to Teng, Bitcoin (BTC) has evolved beyond merely being a digital currency; it now operates within the same dynamics that influence credit markets, liquidity flows, and interest rates globally.
The data from Binance reinforces this assertion. The most recent audit of proof-of-reserves indicates that customer holdings amount to approximately 608,000 BTC while the exchange itself possesses over 629,000 BTC overall. This results in an impressive coverage ratio of 103.5%.
In essence, Binance maintains a substantial reserve exceeding 600,000 coins—positioning itself as a significant entity not only within cryptocurrency trading but also across broader financial markets.
#Bitcoin has transitioned from being merely a digital asset.
Today it represents a global macro conversation.
— Richard Teng (@_RichardTeng) September 16, 2025
Teng’s insights reflect a larger shift in Bitcoin’s market behavior. The abundant liquidity available worldwide—stemming from collateralized loans and refinancing activities—is responsible for nearly half of Bitcoin’s price fluctuations.
Traditional metrics such as money supply deposits are proving less effective at this time. Much of the global financial activity revolves around debt rollover; hence central banks face ongoing pressure to inject liquidity rather than retract it. This environment encourages individuals to retain their capital—a trend beneficial for both Bitcoin and gold assets.
Understanding Cycles
Market analysts have also highlighted patterns related to liquidity cycles. It is anticipated that a five- or six-year cycle will peak around September 2025 while an existing shorter cycle of about 200 days had already indicated Bitcoin’s low point at $16,000 back in 2023. Currently overlapping cycles further emphasize how closely tied cryptocurrency values are with global liquidity trends.
Teng’s succinct summary captures this evolution perfectly: Bitcoin has integrated into the broader macroeconomic framework and now moves harmoniously with credit flows and capital dynamics rather than solely reflecting crypto market sentiment.