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Raoul Pal 用數據擊破「加密貨幣已死」迷思：Bitcoin 表現點解贏納指100成條街？

宏觀投資者 Raoul Pal 喺 2026 年 6 月 3 日反駁「加密貨幣已死」論，用數據證明 Bitcoin 自 2022 年流動性周期低位（FTX 爆煲後嘅約 15,700 美元）以嚟升咗大約 318%，大幅跑贏同期納指 100 約 187% 嘅升幅 [2][5]。 Pal 將 Bitcoin 由歷史高位 12.6 萬美元回落至 6 萬美元嘅走勢，定性為「牛市之中嘅一次劇烈調整」，而唔係新一輪熊市。佢歸咎於美國財政部重建現金戶口令系統流失約 7,000 億美元，造成短暫嘅流動性真空 [5][9][10]。

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Digital chart comparing surging Bitcoin and Nasdaq 100 performance graphs, with macro market indicators in the background, illustrating Raoul Pal's defense of Bitcoin against the ' — What was macro investor Raoul Pal's argument on June 3 defending Bitcoin against the "crypto is dead" narrative, and how did he compare itsRaoul Pal used performance data to show Bitcoin has dramatically outperformed the Nasdaq 100 since the 2022 liquidity-cycle low.
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Create a landscape editorial hero image for this Studio Global article: What was macro investor Raoul Pal's argument on June 3 defending Bitcoin against the "crypto is dead" narrative, and how did he compare its. Article summary: On June 3, 2026, macro investor Raoul Pal dismissed the "crypto is dead" narrative by arguing that capital is not rotating out of digital assets into tech stocks, and that the data shows the opposite [3][5]. He pointed t. Topic tags: general, general web, user generated. Reference image context from search candidates: Reference image 1: visual subject "“This is not the start of a bear market,” Pal argued during a fast-paced macro discussion with Coin Bureau CEO Nic Puckrin. ## **Liquidity, Not Halving or Other Factors, Drive the" source context "From Money Printing to Market Surge: The Macro Forces" Reference image 2: visual subject "Image for Why Diversificatio
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「加密貨幣已死」呢種講法近排傳得好勁，但真實嘅市場數據呈現嘅係截然不同嘅故事。喺 2026 年 6 月 3 日，宏觀投資者兼 Real Vision 行政總裁 Raoul Pal 就用一個簡單直接、有曬數據支持嘅反駁，逼到好多睇淡嘅人收聲。佢認為，加密貨幣尤其係 Bitcoin 唔單止未死，而且由上次市場低位以嚟，表現仲大福拋離咗傳統科技股。近期呢次殘酷嘅跌市，只不過係一個短暫嘅資金流動性問題，而唔係系統性崩潰。

Pal 嘅理據直接挑戰咗市場上最流行嗰個諗法：資金正喺度由數碼資產搬走，轉投 AI 同重磅科技股。佢反而將目前市場嘅痛楚，睇成係畀嗰啲明白宏觀經濟底層邏輯嘅投資者，一個極佳嘅撈貨機會。

大比拼：Bitcoin 對決納指 100（由 2022 年鬥到而家）

Pal 反擊「資金大遷移」神話嘅核心就係兩個字：數據。為咗準確量度，佢以 2022 年流動性周期最低點作為起跑線——嗰陣 FTX 爆煲搞到市場極度恐慌，Bitcoin 喺 2022 年 11 月跌到去大概 15,700 美元左右。

由嗰個絕對低谷開始計，Pal 喺 6 月 3 日嘅 X（前 Twitter）帖文入面指出，Bitcoin 爆炸性咁升咗大約 4.1 到 4.3 倍，即係升幅高達約 318% 。喺同一段時期，納斯達克 100 指數（呢個指數重磅持有嗰啲所謂搶走加密貨幣風頭嘅 AI 同科技公司）嘅升幅就相對溫和，只係升咗約 2.9 倍，即係大概 187% 。情況就好似 Pal 分析嘅結論咁講：如果啲錢真係由加密貨幣市場逃亡去晶片同 AI 股，咁呢筆錢喺股票回報度嘅「表現」就真係差得好交關。

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