According to CoinGecko and TradingView data, TOTAL2 (the crypto market cap excluding Bitcoin) hovered near $950 billion in October 2025, marking an increase of approximately 45% from its 2023 low. CrossBorder Capital’s Global Liquidity Watch indicates that global liquidity rose by 6% quarter-on-quarter in Q2 2025, coinciding with a broad crypto rebound. This parallel rise supports the hypothesis that expanding liquidity sustains altcoin valuations relative to tighter periods.

Recent weekly data from FiscalData and FRED show the U.S. TGA at about $985 billion on October 28, 2025, and the Fed’s total assets near $6.6 trillion. CoinDesk reported that a $29.4 billion Fed liquidity injection preceded a short-term crypto rally. European Central Bank (ECB) balance-sheet data showed similar liquidity upticks, reinforcing the correlation between central-bank liquidity and crypto market surges in 2025.

Raoul Pal is the co-founder and CEO of Real Vision and publisher of Global Macro Investor (GMI). According to Real Vision’s official bio, he previously led European hedge-fund equity derivative sales at Goldman Sachs and later managed the GLG Global Macro Fund before founding GMI in 2005 and Real Vision in 2014. Pal is recognized as a prominent commentator on liquidity cycles and digital assets.

Real Vision was founded in 2014 by Raoul Pal and Grant Williams as a subscription-based financial-media and education platform producing interviews, research, and courses for global investors. As reported by PitchBook and the company website, its mission is to democratize financial knowledge and connect investors through premium content and its RV Pro membership.