Binance CEO Richard Teng recently shared his thoughts on Bitcoin’s role in the market, using three words to sum it up: global macro conversation. For Teng, Bitcoin (BTC) has grown past the stage of just being a digital asset. It now trades in line with the same flows that drive credit, liquidity and rates around the world.
Binance’s own records underscore that role. The latest proof-of-reserves audit shows customer balances of about 608,000 BTC, while the exchange holds more than 629,000 BTC in total. That is a coverage ratio of 103.5%.
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Basically, Binance has a huge stockpile of over 600,000 coins, which makes it a big player in global finance, not just crypto trading.
#Bitcoin has moved beyond being just a digital asset.
Today, it’s a global macro conversation.
— Richard Teng (@_RichardTeng) September 16, 2025
Teng’s comment is part of a bigger change in how Bitcoin moves. The fact that there is a lot of liquidity all over the world, in terms of collateral, credit and refinancing, which keeps markets running, explains almost half of Bitcoin’s price changes.
Old-fashioned ways of measuring, like money supply deposits, are not really working well now. Most financial activity worldwide is linked to rolling over debt, so central banks are under constant pressure to add liquidity rather than withdraw it. This pressure makes people want to hold onto their money, which is good for Bitcoin and gold.
It is all about the cycles
Analysts also point to cycles in liquidity. It is thought that a five- or six-year cycle will hit its peak in September 2025, while a shorter 200-day cycle already pointed to Bitcoin’s $16,000 low back in 2023. Now both are overlapping, making it even clearer that the cryptocurrency is linked to global liquidity.
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Teng’s three words basically cover it. Bitcoin has become part of the macro playbook, moving with the rhythm of credit and capital rather than just crypto sentiment.