Raoul Pal Blames U.S. Liquidity Squeeze for $250B Crypto Sell-Off as Bitcoin Tracks SaaS Stocks

Over the weekend, over $250 billion was wiped from the crypto market as Bitcoin fell from around $84,000 to roughly $76,000 and Ethereum also dropped sharply. Analyst Raoul Pal attributed the downturn to tightening U.S. dollar liquidity driven by Treasury cash flows, the reverse repo drawdown, and a strong gold rally, arguing crypto remains tied to macro risk sentiment rather than suffering a structural breakdown.