Capital is beginning to migrate out of artificial intelligence equities and back into digital assets, according to Real Vision founder Raoul Pal, who argues that a sustained decline in the US dollar could provide the catalyst for a broader cryptocurrency rally.

Appearing on the latest episode of Trade Secrets, the former Goldman Sachs hedge fund sales executive pointed to a specific market tell: when Bitcoin surged roughly 25% to $80,000 between August 19 and August 25, AI chipmaker Nvidia posted seven consecutive sessions of losses over that same window. The pattern, he said, illustrates how constrained liquidity rotates between competing asset classes rather than expanding across the board.

“If they can engineer the dollar lower, then…