Analysts broadly see the data as supportive for crypto but disagree on how the impact may play out. ・Real Vision CEO Raoul Pal said PMI strength is a necessary condition for sustained crypto gains.
Raoul Pal debunks narratives claiming Bitcoin is broken, revealing US liquidity constraints mirror SaaS decline patterns exactly.
Bitcoin liquidity tightened as U.S. Treasury cash management and shutdown risks drained capital from crypto and tech stocks.