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Bitcoin slid to its lowest price since July over the weekend. A broad crypto selloff wiped out roughly $2 billion in leveraged positions along the way.
Then the internet went looking for someone to blame. Binance co-founder Changpeng Zhao, better known as CZ, quickly stepped in to say his former exchange was not the culprit.
According to CZ, Binance did not sell any crypto assets during the decline. He went further and said he had personally been buying digital assets in the days before prices fell. That is roughly the opposite of what the rumor mill had in mind.
How far Bitcoin fell, and how far it bounced
On November 15, 2026, Bitcoin hit an intraday low somewhere between $61,946 and $62,112, depending on the data source. That marked the weakest level for the asset since mid-July.
The damage was not limited to Bitcoin. Selling spread across major crypto assets. Approximately $2 billion in positions were liquidated in the 24 hours ending around 07:00 Singapore time on November 15.
The slide did not last all day. Bitcoin partially recovered later on November 15, climbing back into a range of $64,000 to $64,410.
CZ’s denial and his list of suspects
CZ rejected that theory firmly. Binance had not sold crypto, he said. He added that he himself had been buying ahead of the decline.
Rather than leaving a vacuum, CZ offered his own list of possible causes. He pointed to five factors that could have contributed to the selloff:
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ETF outflows. US spot Bitcoin ETFs recorded about $1.9 billion in net outflows over the seven trading days leading up to November 13.
The Anthropic IPO. CZ named the expected public listing of the AI company as another potential factor in the mix.
Security incidents. He also flagged security problems as a possible source of pressure on sentiment.
US inflation trends. Hotter-than-expected inflation data has reportedly lifted expectations that the Federal Reserve could raise interest rates.
Post-midterm regulatory uncertainty. Political uncertainty following the US midterm elections may lead to tighter rules on crypto, according to CZ’s framing.
CZ was careful to stress that correlation does not equal causation. He also reiterated that his long-term view on the industry remains bullish despite the volatility.
What this means for investors
The most concrete number in this story may be the ETF figure. About $1.9 billion leaving US spot Bitcoin ETFs in seven trading days suggests a cautious mood among investors who use those products.
The liquidation total also tells a story. Roughly $2 billion in forced closures signals that plenty of traders were positioned with leverage heading into the weekend.
CZ tied part of the move to inflation data and the possibility of Fed rate increases. CZ’s reference to post-midterm uncertainty points to a policy environment that may tighten.
Bitcoin’s recovery into the $64,000 to $64,410 range on the same day shows buyers were willing to step in near the lows. CZ says he was one of them, at least before the drop.
