Macro investor Raoul Pal predicts that Ethereum (ETH) will outperform Bitcoin (BTC) during the current extended bull cycle, which he anticipates could continue until 2026. Pal attributes this potential outperformance to global liquidity expansion and increasing debt pressures, noting that Ethereum has historically compounded at an annual rate of 133%, compared to Bitcoin's 100%. Pal emphasizes that liquidity is the primary driver of asset prices, accounting for 90% of Bitcoin's price variability, rather than earnings or geopolitical factors. Supporting this view, another analyst, Poppe, suggests that Ethereum could soon surpass Bitcoin in momentum and potentially achieve a new all-time high.