Goldman Sachs’ former executive Raoul Pal stated that he is much optimistic about Ethereum (ETH) as well as the rest of the crypto markets notwithstanding the fluctuating price action that remained prevalent during recent months. Pal recently appeared in an interview with Scott Melker (a crypto analyst) and disclosed that the crypto hedge funds that experienced enormous losses amid the chaos of the crypto market are now under the pressure of ETH.
Raoul Pal Sees Market Rally for ETH and Crypto to Be Seen after Merge
He elaborated his point by saying that the Merge (the conversion of the Ethereum network from Proof-of-work to proof-of-stake) is coming closer day by day hence the general attention is focused on that major event. Pal, who is the founder of Real Vision, revealed that the rest of the crypto markets are going downward however this provides Ethereum the room to progress. He added that a great number of the community members are waiting for the Merge to take place and after that, they will flock into the market.
In this way, he asserted, the Ethereum market will witness a great upsurge. He specified that some people might be thinking that the market will revert to its bottom nonetheless he is quite optimistic about it. So, at present, the market is at the edge of overbought. He mentioned that it is interesting that several people are selling futures and purchasing ETH currently. That is how everyone is hedging the risk of ETH merge and the respective hedge is to be lifted off by somebody at some time.
Also read:Previous Comments of Pal
Pal said that it is quite thought-provoking and the entirety of the crypto hedge funds are now suffering from immense pressure as the market conditions have crushed them to a great extent. He cited this as one reason behind the buying calls to have something to depend on. Raoul Pal is of the view that the relative underperformance of cryptocurrency is a great subject that is surprising to everybody.
A few days ago, Raoul Pal remarked on the US M2 Money supply as well as the effect thereof on crypto. He detailed that there is a direct relationship between M2 (known as a money supply at a wide scale) as well as crypto. As per him, as the money supply of M2 rises a decrease will be witnessed in the recovery, inflation, as well as bond profits in the field of crypto.
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