Raoul Pal(@RaoulGMI):There isnt enough excess liquidity to fund the AI build out and push crypto at the same time... so it rotates. Weve seen it recently. The AI trade slowed down and Bitcoin went up. This is why tech stocks have had such a big run while crypto has been struggling. From my talk at @token2049 Singapore.

Raoul Pal

@RaoulGMI

Founder/CEO Global Macro Investor, @RealVision. Figuring things out at the nexus of Macro, Web3 & the Exponential Age. Not a guru.

Joined April 2014

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Raoul Pal@RaoulGMI

2026.10.20 16:43

There isnt enough excess liquidity to fund the AI build out and push crypto at the same time... so it rotates. Weve seen it recently. The AI trade slowed down and Bitcoin went up. This is why tech stocks have had such a big run while crypto has been struggling. From my talk at @token2049 Singapore.