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![RaoulGMI Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::2453385626.png) Raoul Pal [@RaoulGMI](/creator/twitter/RaoulGMI) on x 1.2M followers
Created: 2025-06-23 19:18:28 UTC

(Taps screen) - Remember XX% of Bitcoins price action is driven by liquidity and XX% of the NDX. The rest is adoption effects.  

Relative performance of tokens or stocks are driven almost entirely by provable network effects (adoption)

Your <insert narrative> is not the answer

![](https://pbs.twimg.com/media/GuJrGeNXgAAGmyy.jpg)

XXXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1937228784840663488/c:line.svg)

**Related Topics**
[stocks](/topic/stocks)
[adoption](/topic/adoption)
[pal](/topic/pal)

[Post Link](https://x.com/RaoulGMI/status/1937228784840663488)