- Former Binance CFO Wei Zhou outlined major reasons why we are currently in a bear market.
- He said the next bull run will require the Clarity Act, blockchain adoption by Google, and Meta.
- OKX CEO Star Xu reposted Zhou’s comments, leading to market speculations.
Wei Zhou, a former Binance chief financial officer, shared his reasons why crypto remains in a bear market. His comments were later reposted by OKX CEO Star Xu, adding fresh fuel to the long-running rivalry between the two exchanges.
According to Zhou, three factors are holding the market back. First, he said major crypto whales were “nuked” around October 10-11, a period many traders point to as a major market breakdown that damaged confidence.
Second, Zhou argued that transparency concerns around Binance continue to weigh on investor trust. He said some traders still worry the exchange could face another crisis if unexpected political events trigger heavy market moves over a weekend.
His third reason was competition from artificial intelligence. Zhou said the AI hardware sector has delivered stronger returns, making it easier for investors to earn money there instead of in crypto.
What Could Bring Back the Bull Market?
Zhou also outlined what he believes could trigger the next major crypto rally. He said widespread adoption would improve if companies such as Google and Meta launched their own blockchain platforms for developers to issue tokens.
According to Zhou, it is unlikely to happen until the US passes the Clarity Act, which aims to establish clearer rules for digital assets. He also pointed to China, saying a softer regulatory stance toward crypto could become another major catalyst for the market.
Together, these factors would provide stronger institutional support, regulatory certainty, and wider user adoption, which Zhou believes are necessary for a sustained bull market.
OKX CEO Reposts the Comments
Star Xu reposted Zhou’s message on X with a short caption: “Message from Binance former CFO.” The post immediately drew attention because Xu and Binance founder Changpeng Zhao have repeatedly clashed in public over the past several months.
Zhou appeared eager to stay out of the dispute, replying, “Don’t drag me into your fight bro.” Crypto analyst Ozi responded by defending Xu, saying the OKX chief was simply highlighting points that he had also raised before and that Zhao had failed to acknowledge.
Zhou replied that trust would not fully return until the industry receives a proper post-mortem of the events around October 10-11, which he believes severely damaged market confidence.
Ozi agreed, arguing that whales, retail traders, and even market makers suffered heavy losses during that period. He said every market recovery since then has failed to develop into a lasting uptrend and instead led to lower prices.
According to Ozi, the industry needs accountability and stronger safeguards to prevent similar events in the future.
Rivalry Between Zhao and Xu Continues
In April, Zhao’s autobiography, Freedom of Money, revived old allegations involving Xu during their time at OKCoin more than a decade ago. Xu responded by calling Zhao a habitual liar and rejected the accusations.
The two later clashed again after Zhao praised Hyperliquid’s technology while saying Binance could not adopt its no-KYC model because of regulatory risks. Xu argued that Binance-linked decentralized exchange Aster operates under a similar structure and questioned Zhao’s position.
Zhao acknowledged that Aster employs former Binance staff and that YZi Labs, formerly Binance Labs, holds a minority investment in the project.
Related: OKX Raise Doubts on Binance’s Regulatory Arbitrage Games Citing Similar Incident in 2022
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