Macro investor Raoul Pal says Bitcoin (CRYPTO: BTC) can reignite its bull run thanks to up to $8 trillion in liquidity hitting the financial markets in the next 12 months.

Why 2025 Failed Despite Perfect Setup

Pal said in an interview with Scott Melker that 2025 was supposed to be a bullish year as institutions showed up and adoption exploded.

Yet, prices stalled, liquidity vanished, and crypto became the “really uncool kids at the party.”

The culprit was liquidity, not narratives. 

In July, the Treasury started rebuilding the general account by $700 billion while draining the reverse repo facility, which pulled the rug from crypto as the furthest asset out the risk curve.

The government…

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