Bitcoin has crashed as low as $62,006 before recovering toward $64,700, and Binance founder Changpeng Zhao has weighed in on what may be driving the latest crypto market crash.
CZ’s answer is deliberately cautious: there probably is not one single reason.
“Correlation does not prove causation,” he wrote, before listing several forces that could be hitting Bitcoin and the broader crypto market at the same time.
What you'll learn 👉
Bitcoin ETF Outflows Are Removing an Important Buyer
One of the clearest pressures is institutional selling.
U.S. spot Bitcoin ETFs have suffered about $1.9 billion in withdrawals across seven trading sessions through November 13, removing a source of demand that had previously supported BTC during periods of weakness.
ETF demand had already deteriorated earlier in November. U.S. Bitcoin funds recorded $1.28 billion in net outflows during the week ending November 6, their largest weekly withdrawal since late June.
CZ also pointed to the possibility of investors rotating capital toward Anthropic’s anticipated IPO.
There is historical precedent for that idea. Reuters noted earlier this year that the massive SpaceX IPO could temporarily compete with crypto for speculative capital as investors freed cash for one of the year’s biggest equity offerings.
Why are crypto prices down? No one knows for sure. Correlation does not prove causation. Here are some potential reasons. Money shifting to the Anthropic IPO: https://t.co/4WXOMfH9Th ETF outflows: U.S. spot Bitcoin ETFs saw about $1.9 billion in outflows over seven trading sessions through November 13. Ether funds also saw withdrawals. https://t.co/RxhYaaOMAU Security fears: the Binance hack, iPhone-linked crypto wallets drained, Chrome exploit, Microsoft down. These security incidents could make some people less willing to keep funds in crypto. Hot U.S. inflation has raised expectations of another Fed rate hike. Higher yields and a stronger dollar can weigh on "riskier assets" such as crypto. Political uncertainty: Midterm results have raised concerns about potentially stricter U.S. crypto policy. No, Binance did not sell crypto. I bought crypto in the past few days, as I got some stablecoins recently. (maybe this is the cause 🤣) Mid-long term, crypto will continue to grow. Views are my own. Not financial advice. For future reference, price of BTC hit a low of $62,006 today.
— CZ 🔶 BNB (@cz_binance) November 15, 2026
That does not prove Bitcoin ETF investors are selling specifically to buy Anthropic, but it gives the theory some logic.
Hot Inflation and a Strong Dollar Are Hurting Crypto
The macro backdrop may be even more important.
Hotter U.S. inflation has pushed traders to fully price another Federal Reserve rate hike in December, while the dollar recently reached its strongest level since April 2025.
That is a difficult combination for Bitcoin and altcoins.
Higher rates raise the return available on safer assets, while a stronger dollar typically pressures speculative markets.
U.S. stocks have also weakened as inflation concerns and renewed volatility in large technology names weighed on risk appetite.
Security Fears May Be Adding to Risk Aversion
CZ also mentioned a cluster of recent security incidents, including the Binance hack and reports involving compromised wallets and software vulnerabilities.
These events may not directly force crypto prices lower, but repeated security headlines can make investors less comfortable keeping large amounts of capital in digital assets.
CZ also pushed back against one circulating theory: he said Binance itself did not sell crypto during the downturn.
In fact, he said he personally bought more crypto after receiving stablecoins recently.
CZ Still Remains Bullish Long Term
The most important part of CZ’s take is that he does not interpret the current crypto crash as evidence that the industry’s long-term growth story has failed.
His view is that ETF withdrawals, macro pressure, security fears, political uncertainty and potential capital rotation may all be contributing at the same time.
That is probably the more realistic explanation.
Bitcoin falling to $62,006 is dramatic, but there is no evidence that one single event caused it.
The current crypto market crash looks more like several sources of pressure converging at once.
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