Nik Bhatia is a financial researcher and the author of Layered Money and The Bitcoin Age.

In this episode, Nik explains why last week’s repo market spike was a potential warning shot that liquidity in the system is drying up. He breaks down how the Fed’s plumbing actually works, why banks are hoarding reserves instead of lending them, and what it means when the “floor and ceiling” of the system stop holding.

Nik argues that quantitative tightening is reaching its limits and that a new era of liquidity is coming, not necessarily from the Fed, but from a massive private credit boom. He lays out why this will supercharge U.S. industrial growth, fuel long-term inflation, and make Bitcoin one of the most valuable forms of collateral in the world.

We also discuss the run in the price of gold, what it could signal geopolitically, and why Bitcoin’s volatility compression might mean the end of traditional market cycles.

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