#比特币对比代币化黄金 $ETH $BTC $BNB

🎯 While macro analysts paint a vision of a “supercycle,” on-chain data is telling another story

At a top industry summit in Dubai, renowned macro researcher Raoul Pal sparked discussion with a bold claim: a “super liquidity cycle” could emerge in 2026. His take is straightforward—what we’re seeing now is just a mid-bull market pullback, and the real rally hasn’t even started.

He’s making a strong case, but the market clearly isn’t following the script.

On stage: Titans clash, old and new paradigms collide

The former founder of a major exchange and gold maximalist Peter Schiff just wrapped up a “philosophy of value” debate. The former’s logic is pragmatic: Bitcoin’s worth depends on whether hundreds of millions of people worldwide buy into it, not armchair theorizing. Interestingly, the debate ended with, “Why don’t we try working together?”—traditional asset believers and crypto natives are starting to consider coexistence.

Backstage: The market is undergoing a stress test

💥 Data: There’s over $1.3 billion in long and short positions stacked near Ethereum’s current price. A 3%-5% swing could trigger a cascade of liquidations. Pal’s advice—“Don’t use too much leverage”—isn’t just lip service.

⚠️ Security: PEPE’s official website was just hacked, serving as a lesson for all MEME coin players.

📊 Sentiment: Some have noticed VCs are starting to use the price-to-sales ratio—a highly rational metric—to value Bitcoin and other store-of-value assets. History shows that when institutions start doing this, market sentiment is often at its coldest.

So here’s the reality: the top level is drawing big macro visions, the middle is debating asset philosophy, and the bottom is struggling with leverage, hackers, and cold, hard data.

The supercycle never arrives to thunderous applause. It’s more like it gradually gains a foothold amid noise, disagreements, and wave after wave of stress tests.

Do you think this is just a “mid-cycle correction,” or is it something more complex? Share your thoughts in the comments 👇