Despite having watched Binance trade volumes shrink a cool 90 percent since January, CEO Changpeng Zhao says his market-leading exchange is firing on all cylinders.
Speaking to Ran Neuner on CNBC’s Crypto Trader Nov. 8, the Binance chief whip assured that the world’s largest crypto exchange by trading volume was still “a very healthy business” and that profits were rolling in during what most have put down as a multi-month layover for the bulls. He noted:
We only have one-tenth of the trading volume we had in January. But compared to like a year or two years ago, we’re still trading at huge volumes. We’re still profitable.
The self-made billionaire did, however, describe the market’s current state of play as a “slowed-down period”, and admit that Binance was not welcoming as many new registrants as the “very crazy” levels seen at the heights of January’s incandescent bull market.
Binance Users Ready to Pull the Trigger, CZ Still Bullish
Whatever momentum the exchange may have lost in its transcontinental crusade, CZ hinted that its current clients may have been saddling up for the road ahead, however—with Binance having noted an unmistakable spike in crypto deposits to exchange wallets. He noted:
In theory, when trading volume decreases, people are trading less so they should be withdrawing coins into their own wallets, but we’re seeing the reverse—at least for us. The amount of crypto that we hold is increasing steadily.
And in Zhao’s books, his clients should have every reason to prepare for fireworks.
Echoing comments made in September, the executive reiterated that the bulls should be right around the corner given the explosion of institutional interest in cryptocurrency while expressing confusion that the market was still waiting for the widely anticipated feeding frenzy. He explained:
I see all this good news, but price is not moving. I think the institutions coming in should be a really strong trigger; we’re seeing more regulated stablecoins; we’re seeing a lot more healthy projects now. I actually don’t know what’s going to be the catalyst, but it will happen sooner or later, something will trigger it.