Raoul Pal, speaking at Solana Breakpoint 2025 in Abu Dhabi, asserted that cryptocurrency trends are primarily influenced by macroeconomic factors such as interest rates, debt, and liquidity, rather than Bitcoin halvings. He linked current crypto cycles to post-2008 debt rollovers and predicted a market peak in late 2026. Pal emphasized that rising interest costs drive liquidity expansion, aligning the crypto market with broader global financial conditions.