Crypto Isn’t Broken, It’s A US Liquidity Squeeze, Says Raoul Pal — TradingView News
Raoul Pal is pushing back on the idea that crypto’s current drawdown signals a broken market cycle, arguing instead that bitcoin and high-beta risk are being hit by a temporary US liquidity air pocket tied to Treasury cash management and government shutdown dynamics.
In a weekend post on X framed as a takedown of “false narratives,” the Global Macro Investor founder said the prevailing story—“that BTC and crypto are broken. The cycle is over”—has become an “alluring narrative trap,” especially as “prices [are] puking each and every fucking day.” But Pal said a separate question from a GMI hedge fund client about beaten-down SaaS equities prompted him to re-check the data and rethink the driver.
“What I found…
