Binance CEO Richard Teng argued that Bitcoin’s current slide reflects broader risk-off deleveraging, and its volatility is in line with most major asset classes. Richard Teng, the CEO of crypto exchange Binance, reportedly said Bitcoin’s volatility aligns with that seen in most major asset classes. According to a Friday Reuters report, Teng said during a media roundtable in Sydney that all asset classes go through different cycles and volatility. “What you’re seeing is not only happening to crypto prices,” he claimed. Teng also explained that Bitcoin’s recent drop was driven by investors deleveraging their positions and by risk aversion, which is in line with trends across most major asset classes. “At this point in time, there’s a bit of risk (off) and deleveraging happening,” he reportedly said. Read more
Operated by SoftBank, the backer of one of the world’s top 10 public Bitcoin holders, PayPay is integrating with Binance Japan ahead of its expected US IPO in December. PayPay, a payment service operated by the Japanese investment holding company SoftBank Group, is integrating new payment rails on Binance Japan following its investment in the platform. Binance Japan and PayPay have launched a new integration service with PayPay Money, an electronic money service that allows peer-to-peer transactions between PayPay users free of charge. With the integration, Binance Japan users can now purchase crypto assets using PayPay Money funds, as well as withdraw their crypto holdings directly to PayPay Money. Read more
BlackRock’s IBIT drives November’s record ETF outflows, bleeding $2.47 billion and accounting for 63% of the $3.79 billion withdrawn from US spot Bitcoin ETFs. US spot Bitcoin exchange-traded funds saw another sharp reversal on Thursday, erasing a brief moment of relief earlier in the week. After breaking a five-day outflow streak with $75.4 million in inflows on Wednesday, the funds were hit with fresh redemptions of $903 million Thursday — the biggest outflow day in November and one of the largest single-day outflows since the products were launched in January 2024, according to Farside Investors. The $3.79 billion withdrawal puts November on track to be the worst month on record for US spot Bitcoin (BTC) ETF outflows if the remaining days fail to offset this month’s redemptions. Read more