CZ's cycle theory might sound like old news, but the key point is that it actively normalizes the current roughly 50% pullback to calm the market. The backdrop to this statement is that since the end of 2025, discussions about the 'failure of the four-year cycle' and abnormal market structures have surfaced multiple times, with institutions having serious disagreements on liquidity outlooks.
The crucial detail is that he distinguishes this cycle from previous ones, clearly pointing to the '180-degree shift in the U.S. government's attitude towards the crypto industry.' This isn't just talk; it's a confirmation of the structural change caused by the U.S. aggressively rolling out legislation and executive orders since August 2025, shifting its policy stance to support the industry. His argument essentially anchors the current market volatility on a more solid 'policy bottom,' downplaying technical and emotional impacts.
Therefore, CZ's remarks are not just a confidence booster for the market but are also redefining a new value coordinate for the industry: the driving logic of cycles is shifting from mere halving and liquidity to a process of 'institutional infrastructure' constituted by ETFs, stablecoins, RWAs, and clear regulatory frameworks. Price fluctuations are seen as short-term noise within this long-term process.
On June 20, Binance founder CZ participated in a Galaxy Brains podcast, where he was interviewed by Galaxy's research head, Alex Thorn. CZ stated that the current crypto market pullback still falls within the normal four-year cycle, and this approximately 50% retracement is not unusual; previous cycles have seen 80% pullbacks. He believes that when comparing cycle lows, Bitcoin is still up about 5 times from four years ago, with each cycle being higher long-term than the previous one. CZ mentioned that he maintains a long-term stance on the crypto industry, saying, 'Crypto is not a phase for me.'
The biggest difference between this cycle and those of 2022 or 2018 is the 180-degree shift in the U.S. government's attitude towards the crypto industry. He noted that four years ago, the U.S. government took a repressive stance towards crypto, whereas now the U.S. is pushing for a regulatory framework and related discussions, encouraging other countries to follow suit. CZ also highlighted that ETFs, stablecoins, RWAs, and increased institutional participation all indicate significant advancements in the industry's real development. $BTC
The crucial detail is that he distinguishes this cycle from previous ones, clearly pointing to the '180-degree shift in the U.S. government's attitude towards the crypto industry.' This isn't just talk; it's a confirmation of the structural change caused by the U.S. aggressively rolling out legislation and executive orders since August 2025, shifting its policy stance to support the industry. His argument essentially anchors the current market volatility on a more solid 'policy bottom,' downplaying technical and emotional impacts.
Therefore, CZ's remarks are not just a confidence booster for the market but are also redefining a new value coordinate for the industry: the driving logic of cycles is shifting from mere halving and liquidity to a process of 'institutional infrastructure' constituted by ETFs, stablecoins, RWAs, and clear regulatory frameworks. Price fluctuations are seen as short-term noise within this long-term process.
On June 20, Binance founder CZ participated in a Galaxy Brains podcast, where he was interviewed by Galaxy's research head, Alex Thorn. CZ stated that the current crypto market pullback still falls within the normal four-year cycle, and this approximately 50% retracement is not unusual; previous cycles have seen 80% pullbacks. He believes that when comparing cycle lows, Bitcoin is still up about 5 times from four years ago, with each cycle being higher long-term than the previous one. CZ mentioned that he maintains a long-term stance on the crypto industry, saying, 'Crypto is not a phase for me.'
The biggest difference between this cycle and those of 2022 or 2018 is the 180-degree shift in the U.S. government's attitude towards the crypto industry. He noted that four years ago, the U.S. government took a repressive stance towards crypto, whereas now the U.S. is pushing for a regulatory framework and related discussions, encouraging other countries to follow suit. CZ also highlighted that ETFs, stablecoins, RWAs, and increased institutional participation all indicate significant advancements in the industry's real development. $BTC