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The Bitcoin Layer

The Bitcoin Layer

The Bitcoin Layer is a premium markets research provider, covering bitcoin through a global macro lens | Research, Analysis, & Education Featuring Nik Bhatia, author of the #1 Amazon bestseller Layered Money and USC Marshall School of Business professor. Subscribe to our research publication and YouTube channel to learn about global macroeconomics, bitcoin, Lightning Network, the monetary and financial system, the Federal Reserve, interest rates, and geopolitics. Most importantly, develop a

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All Episodes

00:23:27

$95,000 Bitcoin & Fed Independence

The Bitcoin Layer ·

2026/01/14

In this episode, Nik breaks down Bitcoin’s strong start to the year as price reclaims key technical levels following a deep but healthy drawdown. He walks through daily, weekly, and structural trend lines to explain why recent higher lows and higher closes matter for Bitcoin’s next move. Nik then zooms out to discuss resistance zones, bull market structure, and what a potential test of the $108,000 to $112,000 range could signal for momentum. He closes with a deeper look at the growing debate around

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00:38:46

$1 QUADRILLION In Global Wealth: How Does It Impact...

The Bitcoin Layer ·

2026/01/08

In this episode, Nik Bhatia and Demian Schatt step back from short-term liquidity signals to examine the global balance sheet and its implications for Bitcoin. They break down why global wealth has decoupled from GDP, how financialization and credit expansion reshaped the world economy, and why policymakers have become increasingly resistant to prolonged contraction. Nik explains how Bitcoin fits into a system with nearly $1 quadrillion in existing net worth, why adoption and credit expansion matter

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00:36:31

US Treasuries MUST STABILIZE for Bitcoin to Move Higher

The Bitcoin Layer ·

2026/01/06

In this episode, Nik explains why US Treasury stability is critical for sustained Bitcoin strength by walking through repo markets, bond volatility, and Fed balance sheet dynamics. He breaks down how year-end funding stress, Treasury issuance choices, and inflation trends shape liquidity conditions across the system. Nik shows why stable repo rates and calmer bond markets matter for leveraged Bitcoin buyers, how housing and energy costs feed into inflation expectations, and what improving Treasury

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00:49:57

HERE COMES VANGUARD: Why Bitcoin Hits New All-Time...

The Bitcoin Layer ·

2025/12/23

In this episode, Nik sits down with Dr. André Dragosch of Bitwise to break down why large institutional capital is lining up behind Bitcoin heading into 2026. They explore ETF flows, treasury company demand, wirehouse adoption, & why Vanguard’s green light marks a major shift in access for traditional investors. André explains how global growth expectations, bond market stress, & falling confidence in sovereign debt are reshaping capital allocation, setting the stage for Bitcoin to push toward new

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00:57:20

BITCOIN’S 4-YEAR CYCLE NEVER EXISTED | Next Bubble...

The Bitcoin Layer ·

2025/12/19

In this episode, Nik sits down with astrophysicist and mathematician Dr. Stephen Perrenod to break down Bitcoin’s power law, bubble behavior, and why the familiar four year cycle framework no longer holds. They explore how Bitcoin trades relative to long term trend, why volatility is structurally declining, and how new tiers of capital shape bubble timing through log periodic behavior. Stephen explains why 2025 was not supposed to produce a bubble, why 2021 was a harmonic rather than a peak, and why

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00:56:09

What Falling Gas Prices Signal for Bitcoin & The 2026...

The Bitcoin Layer ·

2025/12/18

In this episode, Nik breaks down why Bitcoin remains resilient despite year-to-date weakness by applying the TBL Liquidity framework. He walks through inflation expectations, energy prices, Treasury yields, and housing costs to explain how policy choices around oil production, affordability, and fiscal math shape liquidity conditions. Nik shows why lower inflation is the key driver for lower yields, how energy prices feed directly into CPI, and what calmer bond markets could mean for Bitcoin heading

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00:39:07

Why STRATEGY Stands Alone & Why Most Bitcoin Treasury...

The Bitcoin Layer ·

2025/12/15

In this episode, Nik and Joakim Book break down why Strategy’s balance-sheet structure, perpetual preferred design, and debt flexibility make it uniquely durable while most 2025 Bitcoin treasury companies are already cracking under MNAV compression, leverage mistakes, and collapsing share premiums. They explain how convertible debt, pipe deals, equity dilution, and falling Bitcoin prices have exposed structural flaws across the sector, why forced selling risk is overstated for Strategy but real for

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00:51:38

EUROPEAN BREAKING POINT: Italy Takes Gold Back,...

The Bitcoin Layer ·

2025/12/11

In this episode, Nik and Matt Dines break down the European sovereign stress that has become a major driver of global liquidity and Bitcoin’s recent moves. They walk through the ECB’s need to defend German and French yields, Italy’s push to reclaim gold authority, and why Euro strength signals deeper funding pressure inside Europe. Nik and Matt explain how balance sheet constraints, dollar selling, and capital sourcing across offshore markets pulled liquidity out of Bitcoin, plus how bond spreads,

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00:59:57

THE MOST IMPORTANT DOCUMENT OF 2025: What the New...

The Bitcoin Layer ·

2025/12/09

In this episode, Nik breaks down the White House’s new National Security Strategy and explains why it is the most important document released by the administration so far. He walks through the shift away from globalism, the focus on reshoring industrial capacity, and how defense spending, technology investment, and middle class revitalization tie directly into future market structure. Nik analyzes the new Monroe Doctrine framing, the balance of power approach with China, the administration’s stance

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00:21:27

INTEREST EXPENSE EXPLODES: Why The Fed Must Cut &...

The Bitcoin Layer ·

2025/12/05

In this episode, Nik breaks down why the Fed is effectively locked into a rate cut next week as repo tightness eases, QT halts, and Treasury interest expense reaches historic levels. He covers how falling yields, weaker dollar action, & a turning liquidity cycle are shaping Bitcoin’s path as it holds near $90,000. Nik also dives into bond volatility, the debt math forcing lower rates, & what TBL Liquidity is signaling for Bitcoin & risk assets going into year end.Episode links:

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00:27:42

Bitcoin Holds $90,000: Volatility, Yields, & The...

The Bitcoin Layer ·

2025/12/03

In this episode, Nik breaks down why US Treasury interest expense has become the most important story in finance, how lower rates are now a mathematical necessity for the United States, and why bond volatility remains the primary driver of Bitcoin’s price. He explains the pressure inside the repo market, the role of Japanese yields in recent volatility, the dollar’s evolving relationship with China, and how Bitcoin is holding its two year trend despite sharp macro turbulence. Nik also details why

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00:48:56

Inside Bitcoin’s Trend Shift: Bear Zone,...

The Bitcoin Layer ·

2025/11/26

In this episode, Demian and Johan unpack Bitcoin’s recent trend break, the shift into bear territory on several on chain metrics, and why the short term holder cost basis and true market mean are now critical levels. They cover the liquidation cascade that started in October, the divergence in put call positioning across exchanges, the sharp drop in open interest, and the surprising strength of the most recent WIC off $80,000. Johan explains how trend structure, RSI momentum, realized profit

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00:29:10

Can NVIDIA’s EARNINGS JOLT Spark a Bitcoin Reversal?

The Bitcoin Layer ·

2025/11/20

In this episode, Nik breaks down whether Nvidia’s blockbuster earnings report can be the spark that turns momentum positive for Bitcoin as it tests the crucial $87,000 to $90,000 support. He walks through the money markets monitor, the TGA rollover, and how shifts in reserves, repo usage, and liquidity flows may have driven the recent drawdown across stocks and Bitcoin. Nik analyzes the Fed corridor, the standing repo facility, Treasury supply dynamics, bond volatility, and what growing correlations

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00:27:10

INSIDE THE SELLOFF: Bitcoin, Sanctions, & The...

The Bitcoin Layer ·

2025/11/17

In this episode, Nik breaks down Bitcoin’s sharp fall through $100,000 and explains how a surge in volatility across stocks, bonds, and the dollar has triggered a broad liquidity drain. He explores the Luke Oil divestiture pressure, Treasury sanctions, and why forced asset sales are pulling capital out of risk markets. Nik walks through the TBL Liquidity Index, the new sell signal triggered in late October, and the critical $87,000 to $88,000 support area on Bitcoin that will define whether the bull

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00:15:28

BITCOIN CRASHES THROUGH $100,000 While Macro...

The Bitcoin Layer ·

2025/11/14

In this episode, Nik breaks down Bitcoin’s drop below $100,000, why key trend lines matter, and how TBL Liquidity flipped negative ahead of the move. He covers the failed $108,000 level, the critical support zones near $96.000 and $87,000, the rise in bond volatility, and tightness in the repo market as SOFR hits the ceiling. Nik also explains how the government reopening and TGA spend down may affect reserves, liquidity, and Bitcoin’s path from here.📚 Bitcoin Age is here, order yours today:

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00:33:13

Inside McKinsey’s Global Wealth Report: What It Means...

The Bitcoin Layer ·

2025/11/13

In this episode, Nik and Demian break down the connection between credit creation, inflation, and productivity, exploring why the world’s debt keeps growing faster than real wealth. Nik explains how money enters the system, when it becomes inflationary, and how productivity can offset rising prices. They discuss McKinsey’s global balance sheet framework, the difference between paper wealth and real wealth, and how Bitcoin could serve as new collateral in a re-collateralized financial system built

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00:16:46

LIQUIDITY Explained SIMPLY: How It Really Moves BITCOIN

The Bitcoin Layer ·

2025/11/10

In this episode, Nik explains why Bitcoin rallied on the news that the U.S. government may soon reopen. He breaks down how Treasury spending, reserves, and deposits move through the financial system, eventually fueling Bitcoin demand. Using a simple four-balance-sheet setup, Nik teaches how TBL Liquidity connects government spending, bank balance sheets, and Bitcoin’s price performance. 📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H📊 The Bitcoin Layer is a bitcoin and global

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00:38:10

Bitcoin Holds $100,000 as Stocks Recover: TBL...

The Bitcoin Layer ·

2025/11/07

In this episode, Nik breaks down the latest global macro data and Bitcoin’s reaction to shifting liquidity conditions around the $100,000 level. He covers repo market tightness, U.S. credit card debt trends, Treasury issuance plans, and debt-to-GDP stability. Nik also compares Bitcoin’s performance to gold, explores what MVRV and realized price reveal about market health, and explains how TBL Liquidity captures the link between funding, risk assets, and Bitcoin’s price action.📚 Bitcoin Age is here,

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00:37:06

How the Fed Lost Control of Liquidity (and What It...

The Bitcoin Layer ·

2025/11/05

In this episode, Nik and Demian unpack how the Fed’s fight to manage repo market tightness is reshaping liquidity and Bitcoin’s price behavior. They break down the balance between inflation, employment, and the Fed’s “unofficial” financial stability mandate, exploring how fiscal dominance and credit creation now drive global money flows more than monetary policy itself. Nik explains why Bitcoin acts as a liquidity asset, not a safe haven, and how the next cycle will be defined by the real economy,

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00:19:16

Fed Liquidity Crunch Explained: Repo, QT, & Bitcoin’s...

The Bitcoin Layer ·

2025/11/04

In this episode, Nik breaks down a new wave of funding stress across the global liquidity system. He explains how the Treasury’s growing General Account is pulling cash from reserves, why repo spreads are flashing early warning signals, and how the dollar’s rebound is weighing on Bitcoin’s price below $108,000. With markets tightening and liquidity pressure mounting, Nik reveals what these signals mean for Bitcoin, risk assets, and the next phase of the global credit cycle.📚 Bitcoin Age is here,

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150 results

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