Is the Bitcoin Top In? Raoul Pal Signals Higher Liquidity Cycle Despite Market Selloff

Raoul Pal, the founder of Real Vision, has reaffirmed his bullish stance on the crypto market, including Bitcoin. The respected macro investor remains optimistic despite the ongoing selloff in this space.

Raoul Pal Urges Bitcoin and Crypto Investors to Ignore Market Noise

In a post on X, Pal argued that short-term price drops are “noise” for Bitcoin and crypto investors who take a long-term approach. Hence, they can avoid excessive leverage. His perspective suggests that the flow of global capital through financial markets remains strong and continues to support risk assets like cryptocurrencies.

All of this is noise if you don’t use leverage.

There are only 2 questions you need to ask as a long term holder:

Will tomorrow be more digital than today?

Has the liquidity cycle and business cycle topped or is it still rising to finance the $10trn that needs to roll in the…

— Raoul Pal (@RaoulGMI) October 11, 2025

Pal explained that long-term investors only need to ask two key questions to understand where markets are headed. The first is whether the world will be more digital tomorrow than it is today.

The second is whether the liquidity and business cycles have peaked. He explained that investors in Bitcoin and other cryptocurrencies need to ask whether these are still rising to finance the trillions in debt rolling over within the next 12 months.

He emphasized that if both answers are “yes,” then most short-term concerns are irrelevant. For those with investment horizons beyond five years, even temporary liquidity fluctuations, he said, amount to little more than background noise. A similar bullish view was recently shared by billionaire investor Paul Tudor Jones. Jones predicted that an explosive Bitcoin rally is imminent.

He concluded his post with his now-famous line: “BTFD and Don’t F* This Up.” The phrase, which stands for “Buy The F*ing Dip,” reflects Pal’s conviction that downturns present rare accumulation opportunities for long-term believers.

Bitcoin Volatility Deepens as Raoul Pal Highlights Strength in Global Liquidity Cycle

His message underscores a macro narrative he has long championed. According to Pal, the world’s accelerating digital transformation will favor digital assets over time. He added that the continuous expansion of liquidity will ultimately benefit cryptocurrencies such as Bitcoin and Ethereum. This view aligns with recent institutional moves, such as Morgan Stanley opening Bitcoin and crypto investments to all wealth clients.

Pal further backed up his argument using a chart of the entire cryptocurrency market with the exclusion of Bitcoin, Ethereum, and stablecoins. This chart revealed that the market distribution of the wider altcoins is not affected by the volatility.
A huge ascending wedge shape was also apparent in the chart, which was floating above the $700 billion zone. Pal also observed that the setup implies the possibility of faster breakout above $1 trillion based off liquidity returning to risk markets.

Meanwhile, Bitcoin remains under pressure but continues to show strong market engagement. Data from Coinglass indicates that Bitcoin trades at $112,233, down 7.58% in 24 hours. Futures volume has surged 158% to $280.54 billion.

Supporting this view, Blockchain analytics platform Lookonchain reported that whales and institutions have continued their accumulation even as prices fall. Two new wallets, likely linked to Bitmine, withdrew 33,323 ETH (worth about $126.4 million) from FalconX and Kraken.

Also, another OTC whale purchased 14,165 ETH (worth $55.5 million) through FalconX, Coinbase, and Wintermute. These large withdrawals and OTC buys suggest deep-pocketed investors are using the dip to build long-term positions in Ethereum, Bitcoin and other cryptocurrencies.