Macro investor Raoul Pal said on Monday that Bitcoin (CRYPTO: BTC) and the Nasdaq Composite are primarily driven by "global liquidity" rather than the usual day-to-day narratives of earnings, news, or sentiment.
'Bitcoin is Not Broken' In an X post, Pal cited Bitcoin at 87% correlation to global liquidity and the Nasdaq Composite index at 97%.
"These assets are not really trading on earnings, or news, or whatever the story of the week is.
They’re tracking the amount of money in the system," the Real Vision CEO said.
Pal then turned his attention to Bitcoin, calling it a "young, volatile, emotional" asset that amplifies liquidity moves.
