Raoul Pal: Capital Rotating Back to Crypto as AI Rally Pauses

Pal's thesis rests on a rotation narrative rather than hard flow data, so its weight depends on whether the AI equity pause proves durable or merely a breather. The more concrete claim is the link between AI agents and activity on Ethereum and Solana, which would tie crypto demand to a real usage driver instead of sentiment alone. Without a timeframe or figures, the open question is whether any rotation shows up in observable flows and on-chain activity, or remains a talking point.