Crypto’s Slide May Not Be Fear — It’s A US Liquidity Crunch, CEO Says

bitcoinist2026-02-02 tarihinde yayınlandı2026-02-02 tarihinde güncellendi

Özet

A sharp sell-off in crypto markets wiped out approximately $250 billion in value over the weekend, with Bitcoin falling below $80,000—down 40% from its 2025 high. Analysts note weakening retail interest, large ETF outflows, and a loss of momentum. Support around $73,000–$75,000 is now critical. According to Raoul Pal, CEO of Global Macro Investor, the decline is not crypto-specific but stems from a broader U.S. dollar liquidity crunch. Factors include Treasury General Account rebuilds, higher funding costs, and a reduced Reverse Repo Facility buffer. Pal stated that gold’s rally absorbed marginal liquidity that might have flowed into risk assets like Bitcoin and SaaS stocks, leaving the most exposed positions vulnerable. The nomination of Kevin Warsh as Fed Chair added uncertainty, with some fearing slower rate cuts. While markets remain fragile, some expect liquidity conditions to improve, potentially allowing a recovery if dollar flow normalizes.

A sharp hit to risk markets left crypto with heavy losses over the weekend. Reports say roughly $250 billion was wiped from combined market value as investors pulled back. Some of the selling hit Bitcoin hard. Others said it spread to tech stocks at the same time.

Bitcoin Faces A Confidence Test

Bitcoin has been searching for a base. As of today, it slipped below $80,000 and is down about 40% from the 2025 high above $126,000.

Traders and on-chain trackers show weaker buying pressure. Retail interest has cooled. Large outflows from spot ETFs have been recorded, and momentum has been lost across several indicators.

Support near $73,000–$75,000 is now the zone many are watching, while some market participants expect more stops to be run before calm returns.

BTCUSD now trading at $76,822. Chart: TradingView

Markets Are Moving Together

Analysts note that Software-as-a-Service stocks and Bitcoin fell in tandem. That matters because both depend a lot on hopes about future growth; they tend to be hurt first when money gets tight.

Gold was rising at the same time, and some traders argued that the move into bullion drew marginal cash away from riskier bets. When fewer dollars are freely moving between banks, hedge funds trim leverage fast and the riskiest positions suffer most.

Source: LSEG Datastream/Global Macro Investor

Macro Liquidity, Not A Crypto-Only Issue

According to Raoul Pal, founder and CEO of Global Macro Investor. the squeeze came from a narrower pool of US dollar liquidity rather than a problem unique to crypto.

The mechanics he points to are technical: Treasury General Account rebuilds, higher funding costs, and a smaller buffer in the Reverse Repo Facility that used to soak up extra cash.

“The rally in gold sucked all marginal liquidity out of the system that would have flowed into BTC and SaaS,” Pal said.

“There was not enough liquidity to support all these assets, so the riskiest got hit,” he added.

Those shifts can quietly remove liquidity even when no single headline screams crisis. Government funding hiccups were also blamed for adding friction to the system. When liquidity is chased away, assets tied to future cash flows get hit hard.

Source: LSEG Datastream/Global Macro Investor

Different Voices On The Fed Nomination

Reports say the nomination of Kevin Warsh to run the Federal Reserve has added to the nervous mood. Some market pros worry he won’t cut rates as quickly as hoped.

Some analysts said that sentiment swung on the idea that rate relief might be delayed. But Raoul Pal pushed back, arguing that US President Donald Trump’s team will steer policy toward easier rates and that Warsh will follow that playbook.

Views differ. That uncertainty has left many traders unwilling to put fresh money into stretched trades.

A Cautious But Not Despairing Close

At the time of writing, price action looks fragile and rallies have been short-lived. Yet some analysts expect the liquidity drain to ease and for capital to trickle back once funding conditions normalize.

The coming weeks will show whether buyers return around the low-$70k area or if selling finds a deeper level. Reports note that risk appetite often returns before headlines change, but only when dollars are flowing again.

Featured image from Unsplash, chart from TradingView

İlgili Sorular

QWhat is the main reason for the recent sharp decline in crypto markets according to Raoul Pal?

AThe main reason is a US dollar liquidity crunch, caused by factors like Treasury General Account rebuilds, higher funding costs, and a reduced buffer in the Reverse Repo Facility, rather than a problem unique to crypto.

QHow much has Bitcoin fallen from its 2025 high, and what is the key support level being watched?

ABitcoin has fallen about 40% from its 2025 high above $126,000. The key support level many are watching is near $73,000–$75,000.

QAccording to the article, what two asset classes fell in tandem, indicating a broader risk-off sentiment?

ASoftware-as-a-Service (SaaS) stocks and Bitcoin fell in tandem, as both are growth-dependent assets that are often the first to be sold when liquidity gets tight.

QWhat role did the rally in gold play in the market dynamics described?

AThe rally in gold sucked marginal liquidity out of the system that would have otherwise flowed into riskier assets like Bitcoin and SaaS stocks, exacerbating their decline.

QWhat event added to market nervousness regarding future Federal Reserve policy?

AThe nomination of Kevin Warsh to run the Federal Reserve added to the nervous mood, as some market professionals worry he will not cut interest rates as quickly as hoped.

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