Raoul Pal: Bitcoin’s Thesis Has Not Changed, Even After October Liquidation Cascade
Posted On January 30, 2026
According to macro guru Raoul Pal, October’s crypto crash marked a structural liquidity failure that changed how the market now trades but has not undermined the long-term Bitcoin (CRYPTO: BTC) thesis.
Structural Failure, Not Fundamental Breakdown
In an interview with trader Michael van de Poppe, Pal said liquidity evaporated as market-maker APIs failed and leverage, often underestimated by traders, triggered rapid, unavoidable liquidations through smart contracts.
The Oct. 10 selloff was driven by market structure rather than fundamentals compared to past …
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