Raoul Pal: US liquidity issues impact BTC and SaaS performance, remains optimistic for 2026
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Raoul Pal analyzed that the liquidity issues in the United States have put pressure on the prices of BTC and SaaS assets, and the recent government shutdown has further intensified the liquidity crunch. He pointed out that US liquidity has a significant impact on global markets, with the rise in gold absorbing marginal liquidity and risk assets bearing the brunt. Pal believes that as the shutdown ends, eSLR adjustments, fiscal stimulus, and interest rate cuts are implemented, liquidity will gradually recover. He remains optimistic about market performance in 2026 and emphasizes that full-cycle investing requires patience to wait for liquidity to improve.
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