# Macro İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "Macro" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

The article "Is Crypto Over? Don't Give Up, Liquidity is Coming" by Raoul Pal addresses the current downturn in the crypto market, arguing it is not a sign of the industry's demise but a temporary liquidity crisis. Pal refutes the narrative that crypto has permanently decoupled from other assets by showing that Bitcoin's price chart is nearly identical to that of the SaaS index, indicating a shared, external factor: a shortage of U.S. dollar liquidity. He explains this was caused by a combination of events, including the draining of the Reverse Repo facility, the rebuilding of the Treasury General Account (TGA) without monetary offset, and government shutdowns. This liquidity drain negatively impacted risk assets like crypto and tech stocks, while gold absorbed the marginal liquidity. The key takeaway is that this period of illiquidity is ending. The impending resolution of the U.S. government shutdown is seen as the final obstacle. Once cleared, a significant injection of liquidity is expected from sources like the easing of the SLR rule, TGA drawdowns, fiscal stimulus, and eventual rate cuts. Pal, alongside analysis from Stanley Druckenmiller, suggests the new Fed leadership under a potential Warsh chairmanship would be focused on cutting rates to keep the economy hot, aligning with a pro-growth strategy from the administration. The author admits a mistake in not prioritizing U.S. liquidity as the dominant short-term driver over global liquidity but remains highly bullish on the long-term cycle into 2026. The core advice for investors is patience, emphasizing that in a full cycle, time is more important than price. The message is clear: the liquidity cavalry is on its way.

marsbit2 gün önce 03:40

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

marsbit2 gün önce 03:40

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

The article "False Narratives....and Other Thoughts" by Raoul Pal addresses the current downturn in the crypto market, arguing against the mainstream narrative that the crypto cycle is over. Pal explains that the recent price decline in Bitcoin and other cryptocurrencies is not an isolated event but is correlated with a similar drop in SaaS stocks, as shown by comparative charts. He identifies the root cause as a temporary liquidity squeeze in the U.S. financial system, exacerbated by government shutdowns, TGA (Treasury General Account) rebuilding without monetary offset, and gold absorbing marginal liquidity that would otherwise support risk assets like crypto. Pal emphasizes that this liquidity crunch is temporary. He anticipates a resolution to the government shutdown soon, which will remove the last major obstacle to liquidity recovery. Following this, he expects a return of liquidity through measures such as eSLR adjustments, TGA drawdowns, fiscal stimulus, and eventual rate cuts. He advises investors to be patient, stressing that in a full market cycle, time is more critical than price movements. The article also corrects a misperception about potential Fed Chair Kevin Warsh, arguing he is not a hawk and would likely support rate cuts aligned with strategies to boost economic growth. Despite current market conditions, Pal remains highly optimistic about the crypto market's prospects through 2026, driven by anticipated pro-growth policies.

Odaily星球日报2 gün önce 03:31

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

Odaily星球日报2 gün önce 03:31

$2.5 Billion Liquidated: Crypto Market Cursed with Falling but Not Rising

On January 31, Bitcoin sharply dropped below $78,000, hitting a low of $75,700, a 7.6% decline, falling to levels last seen in April 2025. Ethereum fell below $2,400, down 12.28%, nearly erasing gains since July 2025, and Solana dropped 13.74% below $100. The broader crypto market liquidation totaled $2.522 billion in 24 hours, with long positions accounting for $2.411 billion. The downturn was triggered by escalating geopolitical tensions and a sharp sell-off in precious metals. Gold fell 15.7% and silver plunged 37%, partly due to market expectations of a more hawkish Federal Reserve under potential chair nominee Kevin Warsh. This led to a repricing of risk assets, with crypto—seen as a higher-risk asset—experiencing accelerated outflows. Notably, Bitcoin’s value relative to gold hit a historic low, suggesting extreme weakness but also potential long-term opportunity. However, the market displayed a “follow-the-drop-not-the-rise” pattern, falling alongside traditional risk-off moves without participating in rallies. Major players suffered significant losses. Garrett Bullish was liquidated for over $700 million in a single position on Hyperliquid, with total losses around $270 million over two weeks. Meanwhile, Trend Research fund held large ETH positions with nearly $500 million in unrealized losses, continuously adding collateral to avoid liquidation. The event underscores that crypto remains highly sensitive to macro sentiment and liquidity shifts, lacking the stability of a true safe-haven asset. It forces a reevaluation of crypto’s long-term value proposition during periods of deleveraging and market stress.

marsbit02/01 01:02

$2.5 Billion Liquidated: Crypto Market Cursed with Falling but Not Rising

marsbit02/01 01:02

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