• Raoul Pal, former Goldman Sachs executive and CEO of Real Vision, argues that the crypto market is currently in a mid-cycle phase rather than a late-cycle top, driven mainly by shifts in global liquidity conditions.
• He says that a previous period of negative excess liquidity redirected capital toward artificial intelligence, temporarily weakening crypto performance.
• Pal now sees excess liquidity turning positive again, which he interprets as a supportive backdrop for digital assets, especially layer one networks such as Ethereum, Solana, and Sui, which he considers oversold and positioned for asymmetric upside.

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Raoul Pal, former Goldman Sachs executive and current macro investor, has outlined his view that the crypto market…