Real Vision: Finance & Investing

More "Spooktober" Than "Uptober" — Are Treats Next? | Mando and Raoul Pal | REKT Vision (October 31, 2025)

22 snips
Oct 31, 2025
Guest
Raoul Pal
Raoul Pal, a renowned macro investor and co-founder of Real Vision, joins to discuss the current landscape of cryptocurrencies. He delves into why crypto has lagged behind stocks, connecting this to liquidity and financial conditions. The conversation also covers the impact of large wallet selling on price action and evaluates emerging altcoin narratives. Raoul emphasizes that gold often signals movements in crypto, while outlining bullish predictions for the market driven by upcoming liquidity shifts.
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INSIGHT

Liquidity Plumbing Mattered

  • Liquidity plumbing issues (reverse repo, TGA) drained marginal liquidity and hurt crypto's bid.
  • Fed stepping away from QT and TGA changes could reverse this and boost crypto next year.
INSIGHT

Halving-Based Selling Persists

  • Many investors still expect the four-year Bitcoin halving cycle, but large wallets sell into each cycle regardless.
  • That technical selling created mid-year indigestion and decoupled crypto from other macro assets.
ADVICE

Use Cheap Call Spreads For Year-End

  • Consider cheap call spreads plus selling distant puts to express a year-end rally with limited premium.
  • Use defined-risk structures to benefit from the strong seasonality into year-end.
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