The Bitcoin Layer Bitcoin Holds $100,000 as Stocks Recover: TBL Liquidity Explained
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Nov 7, 2025 Nik dives into Bitcoin's pivotal $100,000 mark and its relationship with global liquidity. He explores rising U.S. credit card debt and what it means for retail spending. The comparison between Bitcoin and gold highlights a bullish divergence, signaling potential price shifts. MVRV figures suggest a healthy bull market, while correlations between Bitcoin and stocks reveal liquidity-driven market uncertainty. Finally, Nik discusses TBL Liquidity's relevance for understanding risk assets and projects a promising outlook for Bitcoin over the next six months.
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Retail Credit Growth Still Supporting Spending
- U.S. retail credit card debt has risen steadily since the pandemic and continues to support consumer spending.
- This suggests no imminent retail spending slowdown, though other labor-market weakness exists.
MVRV Shows Ongoing Bull Market Health
- Bitcoin's realized price has climbed to about $56,000 while market price/realized (MVRV) sits near 1.81.
- That level signals a bull market without overheating and no network-wide loss conditions.
Gold Outperformed Bitcoin Recently
- Gold outperformed Bitcoin over the trailing 12 months, with gold up ~50% versus Bitcoin ~34%.
- Bitcoin trading lower versus gold while making a higher low vs gold creates a bullish divergence to watch.