[Raoul Pal: U.S. Liquidity Issues Impact BTC and SaaS Performance, Optimistic About 2026] Raoul Pal analyzed that U.S. liquidity issues have put pressure on BTC and SaaS asset prices, with the recent government shutdown further exacerbating liquidity tensions. He pointed out that U.S. liquidity has a significant impact on global markets, with the rise in gold absorbing marginal liquidity, making risk assets the first to bear the brunt. Pal believes that as the shutdown ends, eSLR adjustments are made, fiscal stimulus is implemented, and interest rate cuts are introduced, liquidity will gradually recover. He remains optimistic about market performance in 2026, emphasizing that full-cycle investing requires patience to wait for liquidity improvements.