CZ’s Reality Check: Binance Founder Declares This Bull Run Hasn’t Even Started Yet
The crypto king just dropped a truth bomb that's shaking trading desks from Singapore to Silicon Valley.
The Phantom Bull Market
Binance's Changpeng Zhao sees green candles everywhere but calls it premature celebration. While retail investors pile into meme coins and leverage, the industry titan warns we're still in the warm-up phase. His timing couldn't be more brutal—just as mainstream media declares crypto's triumphant return.
Institutional Money's Waiting Game
Wall Street's billion-dollar allocations? Still parked on the sidelines. Real adoption metrics? Not quite hitting escape velocity. CZ's comments suggest the real fireworks begin when traditional finance fully commits—not when Reddit traders YOLO their stimulus checks.
The Cynical Take
Meanwhile, hedge funds keep charging 2-and-20 for beta exposure while pretending they've cracked the crypto code. The real bull market starts when those fees finally get decentralized into oblivion.
— CZ
BNB (@cz_binance) September 21, 2025
CZ pointed to the, a critical indicator of manufacturing and services activity that often correlates with corporate earnings, as a benchmark for determining whether markets are supported by real economic strength.
Market Overheating Signals
His cautionary comments come amid concerns about overheated valuations in U.S. equities. According to, the S&P 500 price-to-earnings ratio has reached levels last seen during the 2021 peak.
The S&P 500 has already notched, drawing comparisons to previous bull years like 2017 and 2021. However, analysts note that such years are often followed by consolidation phases rather than continued parabolic gains.
This overheating sentiment is spilling into the, where Bitcoin (BTC) remains highly correlated with equities. The implication: a fragile foundation in traditional markets could also weigh heavily on digital assets.
Traders Growing Bearish
Schwab’sshowed bearish sentiment at its weakest level in two years, with nearly.
Key takeaways include:
- Recession fears rose from 33% last quarter to 63%.
- 62% of traders expect stagflation in 2025.
- 61% worry about tariff policies slowing growth.
This disconnect between pessimistic economic outlooks and record-high stock prices mirrors CZ’s concern: that the rally is speculative and could unravel without stronger fundamentals.
Bitcoin’s Uncertain Foundation
CZ emphasized that while technical strength may push markets higher, without ISM-backed fundamentals, the rally risks a sharp correction.
For Bitcoin, the message is clear: if the broader economy stumbles, the cryptocurrency may struggle to sustain momentum, despite optimism from digital asset investors.
His warning serves as a reminder that “true bull markets” are historically built on, not just price charts and speculative hype.
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