Analyst: Cryptocurrency sell-off may be due to US liquidity drying up

According to a report by Bijie Network: Bijie Network reports that Raoul Pal, founder and CEO of Global Macro Investor, believes that the $250 billion in market value evaporated from the cryptocurrency market over the weekend was mainly due to a shortage of liquidity in the United States, rather than issues specific to the cryptocurrency industry. Pal pointed out that bitcoin and software-as-a-service (SaaS) stocks have recently shown a synchronized downward trend, indicating that the same movement in these two different asset classes stems from macro liquidity issues. The gold market has absorbed the marginal liquidity that should have flowed into bitcoin and SaaS, while two U.S. government shutdowns and "U.S. financial pipeline issues" have further exacerbated the temporary liquidity drain. Pal dismissed concerns that Federal Reserve Chairman nominee Kevin Warsh, appointed by Trump, would take a tough stance, predicting that Warsh would cut interest rates and follow the policy path of the Greenspan era, while remaining optimistic about the market outlook for 2026.