WHY CRYPTO KEEPS UNDERPERFORMING | Raoul Pal feat Richard Galvin

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Richard Galvin, the CEO of Australian-based Digital Asset Capital Management, joins Raoul Pal on the latest Journey Man to discuss the new elements of this crypto cycle: spot ETFs, favorable regulation, digital asset treasury companies, the Wall Street adoption of stablecoins, prediction markets and more. They also discuss the hottest narratives right now, such as privacy coins, and how crypto is doing in Australia. Recorded on November 3, 2025.

• 💸 Market Disconnect: Crypto prices are dropping while on-chain growth—revenues, apps, and users—is hitting new highs! 📈 A major liquidity crunch is driving this divergence. 😳
• 🏛️ Government & Liquidity Issues: With the US government shutdown, the Treasury can’t spend its $1T+ balance, and emergency lending is surging. 🚨 Repo rates are spiking, impacting liquidity across crypto and traditional markets. 💥
• 📊 Fund Managers & Year-End Chasing: 80% of funds underperformed this year! Managers are chasing returns in tech, leaving crypto vulnerable at the margin. 🔍 Despite price drops, the crypto economy remains vibrant and full of potential. 🌐💡

#CryptoCrash #CryptoMarkets #BlockchainGrowth #LiquidityCrisis #InvestingInsights #CryptoEconomy #RealVision #MarketAnalysis

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