Raoul Pal says he believes the reason we are witnessing the recent slump is due to retail traders not having enough cash on hand; what says you?

Here’s the Real Reason Bitcoin and Crypto Markets Are Cooling Off, According to Macro Guru Raoul Pal

In a new interview from Real Vision with journalist Maggie Lake, Pal speculates that the explosive crypto rally he and many investors are expecting hasn’t yet materialized because retail traders simply don’t have enough cash on hand.

“Something feels news new… It’s been choppier basically since March to May when Bitcoin topped first, then Ethereum. They really haven’t broken out again. So they’ve been in this big kind of sloppy range that goes up and down a lot. I’ve been thinking about that, because normally at this point in the crypto cycle, you would have seen mass retail participation and this explosive run. I was expecting it, as was many. It hasn’t materialized. Why?

Is there a structural change in the market, or is it because crypto is discretionary spending or a discretionary investment? If you raise prices on people, they have less money – retail participation – to put into crypto.

We have not seen the kind of number of new wallets and all of the other metrics follow when we had the recent high, and it makes me think that people don’t have money to put in.”

Full article here: https://dailyhodl.com/2021/12/13/heres-the-real-reason-bitcoin-and-crypto-markets-are-cooling-off-according-to-macro-guru-raoul-pal/