Why CZ Believes Winter Bets May Pay Off
Changpeng Zhao, co-founder of Binance and former CEO, said on Sunday, September 6, 2026, that YZi Labs’ investments made during the crypto winter could become top performers. However, the firm has not disclosed any returns data to back the claim.
In an interview, CZ suggested that the bear market period created favorable entry points for projects with strong fundamentals. He pointed to the cyclical nature of crypto markets, where assets bought during downturns often appreciate significantly in subsequent recoveries.
Market Context: Bitcoin and Ether Prices as of September 6, 2026
Bitcoin ($BTC) was trading near $68,200, up 2.3% over the past 24 hours, while Ether ($ETH) climbed 1.8% to $3,540. The broader crypto market has shown resilience in recent weeks, with total market capitalization hovering around $2.4 trillion.
The current market recovery follows a prolonged bear phase that began in late 2025, marked by regulatory uncertainty and macroeconomic headwinds. YZi Labs, formerly known as Binance Labs, has been active in deploying capital during this downturn, focusing on infrastructure, DeFi, and Web3 gaming projects.
What YZi Labs’ Portfolio Looks Like
While YZi Labs has not published a full list of its winter investments, industry sources indicate stakes in several early-stage protocols. These include layer-2 scaling solutions, decentralized identity platforms, and AI-integrated blockchain tools.
According to data from crypto analytics firms, YZi Labs participated in at least 15 funding rounds between January and August 2026, with an estimated total deployment of $200 million. The average deal size was $13 million, suggesting a focus on early-stage ventures.
Why CZ’s Optimism Could Be Justified
Historical patterns show that crypto winter investments often yield outsized returns. For instance, during the 2018-2019 bear market, early backers of projects like Polkadot and Chainlink saw substantial gains in the following bull run.
However, no official performance data from YZi Labs exists to validate CZ’s assertion. The firm has declined to comment on specific returns, citing confidentiality agreements with portfolio companies.
Risks and Skepticism: No Guarantees in Crypto
Despite CZ’s confidence, the crypto market remains volatile. Regulatory actions, technological failures, or shifts in investor sentiment could derail even the most promising projects.
Additionally, the lack of transparency from YZi Labs raises questions about the true performance of its winter bets. Without audited figures, investors must rely on qualitative assessments rather than hard numbers.
Recent Events: ETHSafari 2026 and Cypherpunk Week
The crypto community is currently focused on several events. ETHSafari 2026, running from September 4-12 in Kenya, celebrates Ethereum’s fifth anniversary, drawing developers and investors from across Africa. Meanwhile, Cypherpunk Week 2026 concluded today in Amsterdam, highlighting privacy and decentralization themes.
These gatherings signal sustained interest in blockchain innovation, which could benefit YZi Labs’ portfolio companies if they align with the trends discussed at such events.
What to Watch: Returns Data and Market Recovery
To assess whether CZ’s prediction holds, market watchers should look for any future disclosures from YZi Labs regarding portfolio valuations or exits. The next major catalyst could be the release of quarterly investment reports or announcements of successful token launches.
If Bitcoin breaks above $70,000 in the coming weeks, it may validate the recovery thesis, potentially lifting the value of YZi Labs’ winter bets. Conversely, a drop below $60,000 would suggest the market is not yet ready for sustained growth, casting doubt on CZ’s optimism.
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