Crypto Faces Liquidity Endgame—Debt And Inflation Risks Mount By 2026
Raoul Pal’s latest “Journey Man” episode brings back Michael Howell, CEO of CrossBorder Capital, for a sweeping tour of the liquidity landscape that has propelled risk assets like crypto for nearly three years. Both agree the global liquidity cycle is “late,” still advancing but increasingly mature, with its eventual peak most likely pushed into 2026 by policy engineering, bill-heavy issuance, and rising use of private-sector conduits. The investment implication running through the conversation is unambiguous: long-duration assets—crypto and technology equities—remain the primary....
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Raoul Pal believes the crypto cycle is not nearing a peak but entering a longer, more powerful expansion that can run well into 2026, driven by a global liquidity uptrend tied to government debt dynamics. In a special Sept. 25 “Everything Code” masterclass with Global Macro Investor (GMI) head of macro research Julien Bittel, the Real Vision co-founder laid out a tightly interlocked framework connecting demographics, debt, liquidity and the business cycle to asset returns—arguing that crypto and tech remain the only asset classes structurally capable of outpacing what he calls the hidden....
Crypto analyst Maartunn (@JA_Maartun) warned on September 14 that a familiar—and historically unfriendly—market pattern has reappeared: speculative leverage pouring into altcoins while Bitcoin’s derivatives positioning stays conspicuously muted. “History doesn’t repeat, but it often rhymes, and right now a major warning signal is flashing,” he said, stressing that his message is not to incite panic but to flag a shift in market climate that “any smart investor” should not ignore. At the core of Maartunn’s diagnosis is open interest, the notional value of active futures and perpetual....
BitMEX co-founder, Arthur Hayes, said that the crypto bull cycle is far from over, and that it might continue well into 2026. Arthur believes the US government spending program is not yet in motion and may only start mid-2026. This could mean the US may continue printing money, flooding the market with more liquidity. Amidst global instability, […]
The firm emphasized that it will “actively fulfill its legal responsibilities to customers and strive to avoid further transmission and diffusion of liquidity risks.” Hong Kong-based crypto lending firm, Babel Finance, has eased some of its immediate liquidity troubles by reaching debt repayments agreements with some of its counterparties. As previously reported, the firm issued a temporary suspension of redemptions and withdrawals from its products on June 17 after citing “unusual liquidity pressures” in the current bear market. The company stated it was taking swift action to protect....
Fiat money extends the debt cycle and traps citizens in ever-increasing inflation — but bitcoin forces a reckoning.