Raoul Pal, former Goldman Sachs executive and Real Vision CEO, described Bitcoin in an X analysis on February 17, 2025, as the “greatest macro trade of all time.”
The assessment aligns with Bitcoin’s sustained position above its previous all-time high of $67,000, even as derivatives markets show that 23% of traders maintain short positions against the cryptocurrency.
Raoul Pal’s Macro Analysis of Bitcoin’s Trajectory
Pal emphasized Bitcoin’s technical strength, noting its consolidation above the $60,000 support level – its previous all-time high before surpassing $100,000.
Blockchain data indicates 93% of Bitcoin’s circulating supply remains in wallets inactive for over six months, reflecting long-term holder conviction. Despite this, Pal observed disproportionate bearish sentiment.
He wrote, “It’s a puzzle and also sad to see so many bearish and nervous in crypto when BTC looks like this.”
The analysis extended to altcoins like Ethereum, Solana, and Sui, which Pal identified as beneficiaries of Bitcoin’s macro momentum. These observations align with Bitcoin’s growing role as collateral in DeFi ecosystems across multiple chains.
Institutional and Retail Market Reactions
While Pal no longer represents Goldman Sachs, the institution holds $2 billion in Bitcoin ETFs as of Q4 2024 SEC filings, including $1.2 billion in BlackRock’s iShares Bitcoin Trust (IBIT). Goldman’s stock (NYSE: GS) traded at $669.01 on February 18, 2025, reflecting a daily gain amid broader crypto market optimism.
Bitcoin’s open interest in perpetual futures contracts reached $60.3 billion on February 16, with funding rates averaging 0.01%. This suggests balanced leverage among traders.
Pal cautioned against excessive risk-taking, advising investors to avoid “being too far out on the risk curve” and using leverage. One of the best moves is to delve into an infrastructure that transacts on Bitcoin’s base layer 2, like Bitcoin Pepe.
Market Positioning and Prospects of Bitcoin Pepe (BPEP)
Bitcoin Pepe’s emergence coincides with Pal’s macro outlook, as developers seek to mobilize Bitcoin’s $2.1 trillion dormant liquidity through meme coin infrastructure.
Bitcoin Pepe, a layer 2 network implementing the PEP-20 token standard on Bitcoin, raised $2.3 million in its presale phase.
The project sold 42 million BPEP tokens across 30 pricing stages, each featuring a 5% price increase. This structure allows early participants to potentially earn 300% returns before BPEP’s Q2 2025 exchange debut.
The network processes 2,150 transactions per second (TPS) throughput, faster than Bitcoin’s base layer. Compatibility with BRC-20 tokens enables direct Bitcoin-to-BPEP swaps without cross-chain bridges, addressing friction points for the 68% of Bitcoin holders.
Bitcoin Pepe’s developers state that the infrastructure meets Dubai’s Virtual Asset Regulatory Authority (VARA) SOC 2 compliance for Layer 2 operators. This framework could enable regulated meme coin trading atop Bitcoin’s security layer, blending institutional and retail trading.
To learn more and buy Bitcoin Pepe, visit their official website.
READ MORE: Bitcoin Pepe (BPEP) Presale: Is This the Next Big Crypto Sensation?
