CZ: I have been buying the dip over the past few days, and Binance has not sold off any crypto

Odaily reports: CZ posted an analysis of the potential reasons behind the recent crypto market decline, emphasizing that no one can determine the real cause at present and that correlation does not imply causation. As for the medium- to long-term outlook, CZ remains bullish on the development of the crypto industry and believes the crypto market will continue to grow. He also added that Bitcoin fell to as low as $62,006 today, a price that can serve as a reference for subsequent market movements.

CZ listed five possible factors: First, capital may be rotating into the Anthropic IPO; second, U.S. spot Bitcoin ETFs recorded approximately $1.9 billion in net outflows over seven consecutive trading days (as of November 13), and Ethereum ETFs also saw outflows; third, security incidents such as the Binance hack, the theft of an iPhone-linked crypto wallet, the Chrome vulnerability, and the Microsoft system outage may have weakened investors' willingness to hold crypto assets; fourth, hotter-than-expected U.S. inflation data has increased market expectations of another Federal Reserve rate hike, and a stronger dollar and rising yields could pressure risk assets such as cryptocurrencies; fifth, political uncertainty stemming from the U.S. midterm election results has raised concerns that U.S. crypto regulation may become stricter.

CZ also denied rumors that Binance is selling off crypto assets, and revealed that after receiving some stablecoins recently, he had bought cryptocurrencies over the past few days, joking that this might also be one of the reasons for the market decline.