🔥 *Download Raoul Pal's 5-year investing roadmap for free:* https://rvtv.io/41fVHWF Raoul Pal welcomes Real Vision chief crypto analyst Jamie Coutts to examine the current state of the crypto market, market psychology, and the shift from Bitcoin dominance to high-quality altcoins. Plus, they discuss the importance of metrics like settlement value, application diversity, and liquidity cycles. Recorded on September 11, 2025 📣 This episode is brought to you by Figure, the platform to Earn and Borrow. Need liquidity without selling your crypto? Figure offers Crypto-Backed Loans, allowing you to borrow against your Bitcoin or Ethereum with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event. You can always see your BTC ownership in your FM account and verify holdings in your personal BTC vault onchain. Unlock your crypto’s potential today. 👉 Visit their app to apply for a Crypto Backed Loan today https://figuremarkets.onelink.me/Plnq/2uhuytay 📣 Bitwise has been all-in on crypto since 2017 and has more than 20 crypto-based products to help investors get the access they need. Bitwise manages the world’s largest crypto index fund, one of the top Bitcoin ETFs, and one of the largest institutional Ethereum staking solutions. Bitwise has over $10 billion in assets under management and employs over 100 people in the US and Europe to manage a range of products, including ETFs, private alpha strategies, and SMAs for large investors. 👉 Check out Bitwise at https://bitwiseinvestments.com and let them know that Real Vision mentioned them. Carefully consider the extreme risks associated with crypto before investing. 📣 Stake $VET on StarGate, VeChain’s new user-friendly staking platform, to earn your share of the 5.48 billion $VTHO bonus pool being distributed to stakers through to December. To get started, stake at least 10,000 $VET, mint a Delegator NFT, and collect $VTHO rewards every seven days. The earlier you stake, the more you stand to earn, so visit https://app.stargate.vechain.org/?utm_source=journeyman&utm_medium=youtube&utm_campaign=kol-august-2025 today to put your $VET to work. Timestamps: 00:00 - Sponsors 02:10 – Welcome to The Journey Man with Raoul Pal 03:48 – Is the Crypto Cycle Over? Market Psychology Explained 06:02 – Are We in a High-Quality Alt Season? 07:46 – The Rise of Revenue-Generating Projects 09:08 – Meme Coins Are Evolving: Serious Play or Just Hype? 10:11 – Why L1 Chain Revenue Isn’t the Whole Story 13:02 – How to Value Blockchains Like Digital Economies 16:48 – Ethereum’s Scaling: From High Fees to Open Economy 20:56 – Sui & Solana: Fast-Growing Layer 1s to Watch 24:15 – Hyperliquid’s Rapid Rise: From Perps to Ecosystem Leader 30:03 - Why Smart Contract Platforms Command Higher Valuations 31:14 - Hyperliquid's Transition from App to Full Chain 32:00 - Are DeFi Protocols Undervalued? A GARP Comparison 33:01 - Why Layer 1s Outperform DeFi Protocols Long-Term 34:22 - DeFi’s Future: Tokenization, Lending, and Moats 35:38 - Cardano’s Valuation: Too High for the Activity? 37:00 - The Rise of Wallets as the New Crypto Front-End 39:03 - DEXes Evolving Beyond Spot Trading 43:00 - Centralized Exchanges Are Already Top Global Players 47:52 - Crypto Growth Outpacing the Internet — With Headwinds 50:12 - $57 Trillion Settled On-Chain: Crypto vs. Visa 51:23 - Why Velocity of Capital is Crypto’s Secret Weapon 53:02 - Liquidity Cycle Update: Where Are We Now? 54:14 - Risk Assets and the Liquidity Breakout of April 56:07 - Is Debt Outpacing Liquidity Growth? A Warning Sign 57:58 - Are We Missing a Hidden Liquidity Source? 01:02:08 - Endless Liquidity or a Fragile System? Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries. 🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com Connect with me: Twitter (X): https://twitter.com/RaoulGMI Instagram: https://www.instagram.com/raoulgmi/ LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/ My other work: Real Vision: https://rvtv.io/3LHYIaH Global Macro Investor: https://globalmacroinvestor.com The Exponentialist: https://realvision.com/thefuture EXPAAM: https://expaam.com Connect with Real Vision™: Twitter: https://rvtv.io/twitter Instagram: https://rvtv.io/instagram Get a FREE membership: https://rvtv.io/3Y4t5Pw Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf #raoulpal #crypto #macro #macroeconomics #cryptocurrency #cryptonews #blockchain #web3 #nft #nfts #btc #eth #btcnews #bitcoin #bitcoinnews #bitcointoday #cryptotrading #cryptoinsights #cryptotips #cryptoinsights #macroinsights #realvision #solana #sol #solanasol #altcoins #bitcoinnews #btctoday #btcnews #sui #suicrypto #ethnews