Bitcoin Plunges Below $100K - Raoul Pal Predicts ’Liquidity Flood’ Will Ignite Crypto Rally

Digital gold tumbles as market sentiment shifts dramatically

The Liquidity Tsunami Cometh

Raoul Pal remains steadfast in his bullish conviction despite Bitcoin's recent stumble below the psychological $100,000 barrier. The former Goldman Sachs executive sees current weakness as temporary, forecasting an imminent liquidity injection that could propel cryptocurrencies to unprecedented heights.

Market Mechanics in Motion

While traditional investors panic over short-term price action, seasoned crypto veterans recognize these dips as healthy corrections within a broader bull cycle. The very volatility that terrifies Wall Street creates the entry points savvy traders crave.

Institutional forces continue building beneath the surface, with macroeconomic conditions aligning perfectly for digital asset adoption. Central bank policies and fiscal stimulus measures appear poised to deliver the 'liquidity flood' Pal anticipates.

Because nothing says 'stable store of value' like needing a former Goldman banker to explain why your money isn't actually disappearing.

TLDR

• Novo Nordisk lowered its 2025 profit growth forecast to 4-7% from 4-10% and sales growth to 8-11% from 8-14%
• The company will cut 9,000 jobs worldwide, including 5,000 in Denmark, as part of a restructuring plan
• Q3 operating profit fell 30% to DKK 23.7 billion, missing analyst expectations of DKK 24.6 billion
• Wegovy sales rose 18% to DKK 20.4 billion but missed analyst estimates of DKK 20.9 billion
• NVO stock has dropped 50% this year under pressure from Eli Lilly competition and compounded copycat drugs

Novo Nordisk announced Wednesday it will eliminate 9,000 positions globally as the Wegovy Maker cuts its full-year profit and sales forecasts. The job cuts include 5,000 positions in Denmark.

The company now expects operating profit growth between 4% and 7% for 2025, down from its previous 4% to 10% forecast. Sales growth projections dropped to 8% to 11% from the earlier 8% to 14% range.

$NVO (Novo Nordisk) #earnings are out: pic.twitter.com/05qDZw2DXO

— The Earnings Correspondent (@earnings_guy) November 5, 2025

CEO Mike Doustdar, who took over in August, attributed the lower guidance to slower growth in GLP-1 treatments. These include the company’s top-selling weight management and diabetes medications.

Third-quarter operating profit fell 30% to DKK 23.7 billion. Analysts had expected DKK 24.6 billion.

Novo Nordisk A/S, NVO

Total quarterly sales ROSE 5% to DKK 75.0 billion Danish crowns, compared with analyst forecasts of DKK 76.2 billion. Measured in local currencies, sales grew 11% versus analyst expectations of 11.4%.

Wegovy sales increased 18% to DKK 20.4 billion globally from a year earlier. This fell short of the DKK 20.9 billion analysts predicted.

The company’s shares have dropped 50% this year. Competition from U.S. rival Eli Lilly and compounded copycat drugs has put pressure on Novo’s market position.

Compounded drugs are custom-made versions using the same ingredients as branded medications. Novo Nordisk warned that “unsafe and unlawful mass compounding has continued” in the third quarter.

Restructuring Costs Hit Bottom Line

The restructuring program resulted in a net one-off impact of about DKK 8 billion in 2025. This includes DKK 5 billion in severance expenses and DKK 4 billion in asset impairments.

The changes are expected to generate savings of around DKK 1 billion in the fourth quarter. For the first nine months of 2025, operating profit rose 5% to DKK 95.9 billion when including the restructuring costs.

Without those charges, operating profit WOULD have jumped 15% in Danish kroner and 21% at constant exchange rates. Net sales climbed 12% to DKK 229.9 billion for the nine-month period.

The operating margin declined to 41.7% from 44.7% a year earlier. The gross margin fell to 81.0% from 84.6%, reflecting restructuring impacts and higher production costs.

Regional and Product Performance

Obesity care sales increased 37% in Danish kroner and 41% at constant exchange rates to DKK 59.9 billion. Ozempic sales rose 10% in Danish kroner and 13% at constant exchange rates to DKK 95.3 billion.

U.S. sales increased 12% in Danish kroner and 15% at constant exchange rates. International operations rose 13% and 16%, respectively.

Within international markets, EUCAN grew 18%, Asia-Pacific 35%, and Region China 8% at constant exchange rates. Free cash FLOW declined 11% to DKK 63.9 billion, mainly due to higher capital expenditures.

Research and development spending increased 9% to DKK 37.4 billion. The effective tax rate was 21.6%, up from 20.6% a year earlier.

During the period, the FDA approved Wegovy for treating metabolic dysfunction-associated steatohepatitis. Novo Nordisk also agreed to acquire Akero Therapeutics and Omeros Corp.’s MASP-3 inhibitor zaltenibart.