Binance co-founder CZ said in a June 27 interview with CoinDesk that Bitcoin has pulled back about 50% over the past 12 months after reaching a record high of $126,000 in October last year. He said there is no single reason behind the decline. Instead, he pointed to three overlapping forces: capital rotating into AI, rising uncertainty from global conflicts and trade friction, and the crypto market’s long-running four-year cycle.
CZ added that he does not view the recent drop as evidence of a structural breakdown in the industry. He also said the rapid growth of prediction markets as price-discovery tools is beneficial to the public. His view was blunt: the industry should keep growing over the long term, and demand for financial technology rises as trading activity increases, so short-term price swings do not concern him too much.
Binance.US Pushes for Access to Global Liquidity
On Binance.US, CZ said he wants the platform to connect to the liquidity available on Binance Global. Right now, the U.S. platform and the main exchange operate with separate order books. That leaves American investors with weaker market depth and less favorable slippage conditions than users on the global platform.
If Binance.US gains access to that liquidity, pricing efficiency in the U.S. crypto market could improve, especially in altcoins where spreads may narrow. CZ linked that goal to his broader view that the United States can become a crypto capital.
U.S. Crypto Legislation Still Faces a Tight Timeline
CZ said the U.S. CLARITY Act is still moving through the process, but disagreements over core provisions remain unresolved. He noted that the Senate has only 20 working days left before September 1, which leaves a narrowing legislative window. He also said that any final agreement would still require the president’s signature.
Even with that uncertainty, CZ said he remains optimistic about the direction of U.S. regulation. In his view, even if the bill does not pass on schedule, broader legislative efforts and the general advance of crypto regulation around the world mean the outcome would not necessarily be negative for the United States.
CZ Says He Will Not Run Another Exchange
CZ also made clear that he does not plan to take control of a crypto trading platform again. Instead, he said he would rather stay involved as an informal adviser to companies in his investment portfolio. He added that his earlier trip to Washington, D.C. was meant to clear up what he described as misunderstandings about himself and Binance. On his earlier guilty plea over Bank Secrecy Act violations, he said he does not believe it damaged his business reputation.
He also noted that most of his net worth remains tied to BNB, giving him a direct financial interest in the health of the crypto market. From his perspective, the 2026 downturn looks more like a test of fundamentals than a structural crisis.