Changpeng Zhao has sought to calm digital asset investors as sharp swings across cryptocurrency markets test confidence in Bitcoin, exchange tokens and speculative altcoins, urging holders to resist panic and keep a long-term view.The Binance co-founder, widely known as CZ, told market participants that volatility was not a reason to abandon positions built around conviction, repeating a strategy that has defined his public approach to crypto ownership for years. His message came as Bitcoin traded well below its 2026 highs, exchange-traded fund flows weakened and leveraged positions were flushed out across major trading venues.
Zhao’s advice was direct: investors who believe in the underlying assets should avoid overreacting to short-term price action. His remark that holders “don’t have to do anything” except maintain their positions was read across crypto circles as a fresh endorsement of the hold-through-volatility strategy that shaped early Bitcoin wealth creation but has also exposed retail traders to steep drawdowns.
Bitcoin has moved through a volatile stretch, falling from levels above $80,000 earlier in the year to the low-$70,000 range as traders reacted to geopolitical tension, uncertainty over interest rates and waning momentum in spot Bitcoin funds. Ether has also struggled to regain stronger footing, while Solana, XRP and other large-cap tokens have followed the broader risk-off move.
The latest pressure has been amplified by liquidations in derivatives markets, where leveraged traders have been forced out of positions as prices broke key technical levels. Such moves have reinforced concerns that crypto remains vulnerable to abrupt shifts in liquidity despite deeper institutional participation, clearer regulation in several jurisdictions and wider use of digital asset infrastructure.
Zhao’s comments carry weight because of his role in building Binance into the world’s largest crypto exchange by trading activity. Although he stepped down as chief executive in 2023 after a US legal settlement, he remains one of the most closely watched figures in the sector and retains influence among long-term crypto investors, developers and market commentators.
His own history as a long-term holder has been central to his public identity. Zhao has often said he does not actively trade and prefers to hold Bitcoin and BNB across market cycles. That approach has won support from investors who view crypto as a multi-year technology and monetary shift rather than a short-term trading instrument. It has also drawn criticism from sceptics who argue that slogans about holding can underplay the risks of concentrated exposure, poor timing and speculative excess.
The present market backdrop is more complex than earlier crypto downturns. Digital assets are no longer confined to offshore exchanges and retail speculation. Spot Bitcoin funds have pulled traditional investors into the market, listed crypto companies have become proxies for risk appetite, and regulators in the US, Europe, the Gulf and Asia are moving to define rules for exchanges, stablecoins, custody and token issuance.
That institutionalisation has brought credibility, but it has not removed volatility. Bitcoin’s decline has coincided with pressure on crypto-linked equities, softer flows into funds and stronger competition for capital from technology stocks tied to artificial intelligence. Investors who entered through regulated products are showing greater sensitivity to macroeconomic signals than the early crypto community, which often treated downturns as accumulation opportunities.
Binance, now led by Richard Teng, has been trying to reinforce its image as a more compliance-driven platform after the 2023 settlement, under which the exchange agreed to pay more than $4bn in penalties and submit to oversight. Zhao pleaded guilty to failing to maintain an effective anti-money laundering programme and was sentenced to four months in prison in 2024. His departure from executive control marked one of the industry’s most consequential leadership changes.
The exchange remains a dominant player, with a broad global user base, deep liquidity and a product range spanning spot trading, derivatives, payments, wallets and yield products. Its continued strength gives Zhao’s market commentary added visibility, even though he no longer runs day-to-day operations.
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Cryptocurrency