Binance CEO Richard Teng recently shared his thoughts on the role of Bitcoin in the market using Global Macro Conversation using three words. In Teng’s case, Bitcoin (BTC) has grown beyond the stage of being simply a digital asset. It is currently trading along the same flows that promote credit, liquidity and fees around the world.
Binance’s own record highlights its role. The latest Reform-of-Reserves audit shows a customer balance of approximately 608,000 BTC, while the exchanges hold more than 629,000 BTC in total. This is a coverage ratio of 103.5%.
Essentially, Binance has a huge stockpile of over 600,000 coins, making it a massive player in global finance as well as crypto trading.
#bitcoin moves beyond just being a digital asset.
Today, it’s a global macro conversation.
– Richard Ten (@_richardteng) September 16, 2025
Teng’s comments are part of a major change in how Bitcoin works. The fact that there is much liquidity around the world in terms of collateral, credit and refinance that continues to run the market explains almost half of the price change for Bitcoin.
Old-fashioned measurement methods, like money supply deposits, are not really working well now. Most financial activities around the world are related to debt hoisting, so central banks are under pressure to add liquidity rather than withdraw it. This pressure makes people want to hold on to their money. This is good for Bitcoin and gold.
It’s all about the cycle
Analysts also point out the liquidity cycle. It is believed that the five- or six-year cycle will peak in September 2025, but the short 200-day cycle already points to a low $16,000 hip in Bitcoin in 2023. Currently, both overlap, making it even more clear that cryptocurrencies are linked to global liquidity.
The three words of Teng basically cover it. Bitcoin has become part of the macro playbook, moving on with a rhythm of credit and capital, rather than just code emotion.
