Raoul Pal revisits' 1011 'event: CEX continues to sell after taking over, causing market weakness

Raoul Pal, co-founder and CEO of Real Vision, stated in this week's podcast that according to the global liquidity model, the price of Bitcoin should have been around $140000, but the "1011" event caused cryptocurrency to underperform the stock market and gold. He reviewed and believed that on that day, due to the significant macro impact caused by Trump's tariff policies, high leverage positions were collectively liquidated, Binance API was briefly interrupted, making it impossible for market makers to place orders normally, and the top CEX was forced to use their balance sheet to take orders to prevent system collapse. Raoul expects CEX to absorb assets of up to $10 billion and use algorithms to sell inventory during the opening hours of the US stock market, leading to long-term market weakness. He expects the selling pressure to clear by the end of February, and Bitcoin may quickly rise to $140000. At the same time, he believes that Strategy's debt risk is controllable, and Saylor has optimized its balance sheet through bond issuance and equity.