CZ states that Bitcoin investors tend to buy during periods of FUD, rather than at market highs

Binance founder Changpeng Zhao noted that savvy Bitcoin investors tend to step in during moments of fear and uncertainty, rather than when markets are euphoric.

In his latest X post, he stated, “When bitcoin was at its ATH, have you ever thought, ‘I wish I bought bitcoins early?’ Guess what, those who bought early did not buy at ATH, they bought when there was fear, uncertainty, and doubt.”

CZ’s comments come as Bitcoin and broader crypto markets have experienced uneven sentiment in recent weeks. After lingering in “Extreme Fear” territory for an extended period, sentiment indicators began to recover, reflecting a modest shift toward caution rather than outright optimism.

The crypto community supported Zhao’s argument

Several crypto community members appear to agree with CZ’s view, with one even suggesting that the same will be said about AI tokens. X user Lawrence Lanzilli also encouraged traders to buy BTC during this holiday period, stating that crypto institutions are preparing quietly for a 2026 bullish rally. He also reiterated CZ’s words, saying that “real stacks built in doubt, not euphoria.”

Another X user also asserted that people are always looking for opportunities to generate revenue, adding that few are willing to deal with the nausea that comes with seizing the opportunity. He further commented, The price of being early isn’t just capital, it’s the stomach to click buy when the timeline is burning.”

RWAlytics, a tokenisation insights provider based in Australia, also pointed out that most traders prefer the early, lower prices—not the fear that comes with them. Speaking in a similar vein to CZ, he stressed that conviction is born under FUD, not at record highs. In addition, another argued that the holiday lull at present will stack against 2018’s winter downturn, a quiet bear stage, which later laid the groundwork for the next big cycle.

As of December 24, the cryptocurrency market remained under pressure, with a 1.1% decline in total capitalization to $3.02 trillion, despite a 24-hour trading volume of $98.49 billion. However, although cryptocurrency had seen mass losses throughout the marketplace, Bitcoin’s market cap was nearly $1.73 trillion, maintaining its dominance.

Zhao had advocated for BTC traders to sell at greed and buy at maximum fear

At November’s end, Zhao had sparked another debate after he shared what he thought was the key to profiting from Bitcoin’s volatile cycles. He had claimed traders should sell when optimism and greed are at their highest, and buy when fear is most intense.

At the time, Bitcoin’s sentiment indicators were still fluctuating erratically between extremes. Then again, many other people supported the Binance founder’s opinion, advising investors to observe market conditions carefully rather than react emotionally. They also advocated that the strategy be used across all reliable cryptocurrencies to maximize returns. Normally, market optimism builds during upswings, whereas fear intensifies when prices fall.  However, some criticised the Bitcoin enthusiast for his remarks, especially since BTC was experiencing turbulence at the time.

Around the same time, Binance CEO Richard Teng had also sought to reassure BTC investors, noting that all asset classes experience cycles and volatility. He added that some risk-off behavior and deleveraging were affecting the cryptocurrency market at the time.

In another X post in September, CZ had warned that most investors panic-sell BTC because they don’t fully grasp technology, finance, or global trends.  He cautioned that relying on recommendations to buy Bitcoin won’t give investors the confidence to hold Bitcoin during turbulent periods. Thus, he urged traders to educate themselves more on technology, finance, and market trends, to gain enough confidence to resist selling during a downturn and hold onto Bitcoin for its long-term prospects.

Sign up to Bybit and start trading with $30,050 in welcome gifts