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Raoul Pal on altcoins: “Big game is yet to be played”

TOTAL3, a metric of cryptocurrency market capitalization excluding Bitcoin (BTC) and Ethereum (ETH), is demonstrating a bullish pattern. The breakout can be massive, so the “big game is yet to be played,” investor and analyst Raoul Pal said in a tweet yesterday, on Aug. 22, 2025.

As demonstrated by Pal’s chart, an ascending triangle pattern started taking its shape in early 2021 or about five and a half years ago. In technical analysis, the ascending triangle is a bullish pattern that forms when the price breaches the upper horizontal trendline with rising volume.

The pattern has already touched the trendlines six times. Should this pattern play out, the breakout might happen in mid-2026.

Star investor Dan Tapiero, the founder, CEO and CIO of 1RoundTable Partners (1RT) and 10T Holdings (10T) managing over $1.5 billion in digital asset investments, agreed with his colleague:

Oh goodness… Insanely bullish chart. Gonna be one hell of an alt season

As displayed by Pal, the level of $1.06 trillion in equivalent is crucial for TOTAL3 to reach its breakout phase.

Ethereum (ETH) ATH signals start of altseason?

Commenting on the chart by Pal, seasoned trader Michael van der Poppe indicated that the big breakout is around the corner for altcoins.

Yesterday, on Aug. 22, 2025, Ethereum (ETH), the largest altcoin, finally set its new all-time high on CoinGecko at $4,889. Meanwhile, for CoinMarketCap, the 2021 ATH was registered at $4,891.

Normally, the Ethereum (ETH) price revisiting historic highs hints at liquidity flow from Bitcoin (BTC) to altcoins. With BNB and Solana (SOL) gearing up toward new records, the market might either be on the verge of altcoin season or already in the middle of it.

As of press time, Ethereum’s (ETH) price slightly retraced to $4,721 on insane trading volume of $73 billion. Ether’s price added 11% overnight, while the trading volume more than doubled.

89% of all Bitcoin price action was down to this, per Pal
Bitcoin is new bonds, Pompliano says

Crypto expert and investor Raoul Pal has taken to his official X handle to share with his followers a thought about a crucial factor that has been driving the Bitcoin price up in the past two years.

This factor has been driving Bitcoin up since the BTC was above $40,000 in 2023, according to the chart shared by Pal.

89% of all Bitcoin price action was down to this, per Pal

Raoul Pal, a co-founder of Real Vision and a macroeconomic expert, published a chart that tracks down the correlation between Bitcoin price action observed over the past two years and the growth of the global money supply (M2).

M2 has been rising with the Bitcoin price following it closely as the global liquidity has been increasing with trillions of dollars getting printed and injected into the global economy. Pal stated that 89% of Bitcoin’s price action can be explained by this correlation, therefore, the expert added, “by definition almost all ‘news’ and ‘narrative’ is noise.” Bitcoin is debasing the U.S. dollar, Pal believes.

Keeps trucking along, doing its debasement thing… if 89% of all BTC’s price action is explained by Global Liquidity then by definition almost all “news” and “narrative” is noise. Enjoy your weekend… pic.twitter.com/Z16S9CB9Jy

— Raoul Pal (@RaoulGMI) June 14, 2025

On Friday, the largest cryptocurrency plunged by more that 4% in a matter of hours, falling from above $108,000 to the $103,000 zone. Later, it rebounded by slightly more than 2% but another rollback took place. The Bitcoin price reacted to the escalating military tensions in the Middle East that took place at the end of the week.

Bitcoin is new bonds, Pompliano says

Prominent angel investor who supports Bitcoin, Anthony Pompliano, tweeted today that he believes Bitcoin to be “the new bonds.” Once this concept is accepted, he said, “everything starts to make a lot more sense.”

Once you understand bitcoin is the new bonds, everything starts to make a lot more sense.

— Anthony Pompliano 🌪 (@APompliano) June 14, 2025

His statement aligns with a Forbes article released in April this year, where “BitBonds” are mentioned. The article suggests that U.S. Treasury bonds could be backed by Bitcoin. This would potentially bring down interest costs since a portion of bond proceeds would be tied to Bitcoin’s hard-fixed 21 million supply.

This article stresses the new economic direction taken by the Trump administration after the U.S. president proclaimed Bitcoin to be a strategic reserve asset, signing an executive order to create a Strategic Bitcoin Reserve. It already holds almost 200,000 BTC confiscated from illicit activities in the past few years, particularly, from the Silk Road-linked ones.

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Crypto Vet Raoul Pal: Big Game Yet to Be Played

Raoul Pal on altcoins: “Big game is yet to be played”

Ethereum (ETH) ATH signals start of altseason?

Huge 89% Reason for Bitcoin Rally Named by Raoul Pal Dwarfs All Others

89% of all Bitcoin price action was down to this, per Pal

Bitcoin is new bonds, Pompliano says