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ChainCatcher reported that former Goldman Sachs executive, author of "Global Macro Investor," and Real Vision co-founder and CEO Raoul Pal stated at the Solana Breakpoint conference: "A declining labor force participation rate means a shrinking workforce. And demographics are the key driver of debt. Population growth will continue to decline, which means the debt-to-GDP ratio will keep rising, and that's the problem. We have to face the global debt issue, and currency devaluation has always been a way to solve (or rather delay) this problem. We are already starting to see signs that the Federal Reserve has to reconsider its balance sheet and begin thinking about how to 'monetize' all this debt. It is expected that in the next 12 months, we will need to print about $8 trillion through liquidity injections. I know many people may think the crypto cycle is over and believe that 'the good days are gone.' But in fact, what drives all of this is the cycle—not the bitcoin halving cycle, but the debt maturity cycle. So, I think now it's not a 4-year cycle, but a 5.4-year cycle. In a 5.4-year cycle, we have already passed the trough, and the next step is the upward phase. The cycle should peak at the end of 2026, not in 2025. This is a breakthrough understanding for us as global macro investors: understanding that cryptocurrency is actually a macro asset. In addition, the altcoin/bitcoin cross rate is driven by the business cycle, and the business cycle now appears to be bottoming out, not peaking."

ChainCatcher news, according to Coinglass data, the bitcoin premium index on a certain exchange has remained in positive territory for 9 consecutive days, currently reported at 0.0222%. The bitcoin premium index on a certain exchange is used to measure the difference between the bitcoin price on that exchange and the global market average price. This index is an important indicator for observing capital flows in the US market, institutional investment enthusiasm, and changes in market sentiment. A positive premium indicates that the price on a certain exchange is higher than the global average price, which usually means: strong buying in the US market, active participation by institutions or compliant funds, ample US dollar liquidity, and optimistic investment sentiment. A negative premium indicates that the price on a certain exchange is lower than the global average price, which usually reflects: greater selling pressure in the US market, decreased investor risk appetite, heightened risk aversion sentiment, or capital outflows.