TLDR
- Raoul Pal says capital is starting to shift from AI stocks back into crypto
- He says a weaker US dollar could help extend the crypto rally
- AI agents may bring more activity to Ethereum and Solana
- Pal says Bitcoin will likely miss out on much of that AI-driven activity
- He pushed back on claims that Solana will overtake Ethereum this cycle
Raoul Pal, founder of Real Vision, says money is starting to move from AI stocks back into crypto. He made the comments on the show Trade Secrets with Cointelegraph.
ROTATION: Raoul Pal says capital is starting to rotate back into crypto from AI. 👀
His tell: when $BTC ran ~25% to $80K in late August, Nvidia had 7 straight red days.
AI cools off, crypto heats up. The money's moving. pic.twitter.com/xlahu0jz8Z
— CryptosRus (@CryptosR_Us) October 7, 2026
Pal said higher bond yields and a strong US dollar have kept liquidity from moving freely through markets. He said a weaker dollar could act as a “green light” for crypto to extend its rally.
“If they can engineer the dollar lower, then we get a green light for further movement in crypto,” Pal said. He added that he has not seen a full green light across all markets yet.
The US Dollar Index has been trading near its highest levels of the year. The US 10-year Treasury yield climbed to 5.29% in September, and the Federal Reserve raised its benchmark rate by a quarter point.
AI Stock Pullbacks Have Lined Up With Crypto Gains
Bitcoin’s recovery this cycle largely took place between August 19 and August 25, when it rose about 25% to 80,000 dollars. During that same stretch, AI chipmaker Nvidia posted seven straight losing sessions.
Pal said pauses in the AI trade have let capital rotate into crypto. He said this shows liquidity is not yet widely available across markets.
He said an actual crash in AI stocks would not help crypto. He said that outcome would signal liquidity is being pulled out of the system, which would hurt crypto conditions too.
Pal said his preferred scenario is a weaker dollar, a steeper yield curve, and banks increasing lending. If that doesn’t happen, he said his second choice is for AI stocks to trade sideways while capital moves into crypto.
AI Agents May Boost Ethereum And Solana Activity
Amazon Web Services introduced a feature in June that lets AI agents pay for web content using stablecoins. Coinbase handles payment verification through its x402 protocol, with USDC on the Base network among the supported options.
Pal said AI agents could eventually raise funding by issuing tokens for projects lasting anywhere from a week to a year. He said Ethereum and Solana could see more adoption as software uses their smart contracts to transact.
He said Bitcoin is likely to miss out on much of this activity.
Pal was more cautious about claims that Solana will pass Ethereum in market value. Multicoin Capital co-founder Kyle Samani said last month that Solana would surpass Ethereum’s market cap this cycle.
Pal said Samani “needs to hold his horses a little bit,” though he said it is possible.
Solana recorded about 3.2 million active addresses over a 24-hour period on Monday, compared with Ethereum’s 387,000, according to DefiLlama. Ethereum holds about 54.4 billion dollars in decentralized finance protocols, compared with Solana’s 6.7 billion dollars.
Pal said he compares the two networks using what he calls “economic density,” or total value locked divided by active users. He said Solana’s activity mostly reflects speculation with smaller amounts of money per user.
Pal said he has stopped giving public price targets because his forecasts get repeated out of context online. He described a million-dollar Bitcoin by 2030 as a “meme,” but said he would not rule it out by 2032.
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