There’s Leaders and Laggers. ETH led. NFTs lag. Need new capital for NFTs. Need pos+ price for ETF.

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Throughout 2021, there were numerous top signals in the market but exposure to the market was still beneficial. However, the top signals played out in November 2021. In the last year, there have been bottom signals starting with Terra Luna, followed by three hours capital and FTX. The signals started to diverge with some bullish indicators, such as ETH becoming deflationary. Despite pessimism and fear brought by Gary Gensler, there are growing signals of confidence that we are approaching the end of the pessimistic period. NFTs are currently lagging due to a lack of capital flowing through the space. The ETF, while not causing a stampede initially, becomes powerful as prices rise because many investors are momentum investors who have already done the work and just need price validation. As new capital flows into the space, starting with Bitcoin as the benchmark asset, it spreads to other parts of the space and causes an outside reaction. The crypto space needs new capital as it has been recycling capital for a while. Economic situations worldwide have limited new investments, but as people start making money, it will flow through the space. The ETH Bitcoin outperformance will likely resume as well, correlated to the business cycle and liquidity.

Are we entering Crypto’s Spring? Raoul Pal is the Co-Founder and CEO of Real Vision, a financial media and education platform focused on Macro, Investing, and Crypto.

In today’s episode, we cover:1) The Aftermath of the 2022 Meltdown.2) How to Invest in the face of the current liquidity and external Indicators. 3) Why Raoul thinks we’re headed toward Deflation, not Inflation. 4) What AI will bring to the table, and how it intersects with Crypto 5) Why the Crypto Winter is probably over.

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------ TIMESTAMPS

0:00 Intro 7:20 The 2022 Meltdown 22:14 The Aftermath 27:26 Liquidity Indicators 34:51 External Indicators 37:54 Raoul’s Deflation Thesis 50:29 The State of AI 56:19 How Crypto & AI Intersect 1:00:43 The Implications of AI 1:08:14 Crypto’s Inflection Moment 1:11:43 Investing in the Current Climate 1:19:00 Raoul’s Portfolio 1:20:39 Crypto’s North Star 1:28:49 The Everything Code 1:35:26 Closing & Disclaimers

------ RESOURCES Raoul Pal⁠https://twitter.com/RaoulGMI⁠

Real Vision ⁠https://www.realvision.com/⁠

Real Vision Newsletter ⁠https://www.realvision.com/dailybriefing⁠

The Everything Code ⁠https://www.realvision.com/issues/the-everything-code-part-1-the-renaissance⁠

------ RELATED EPISODES:

118 - Raoul Pal | Should We Be Scared Right Now? ⁠https://www.youtube.com/watch?v=nzGMSKbqjco⁠

------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: ⁠https://www.bankless.com/disclosures⁠