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 framework for understanding global markets—connect the dots between economic and financial concepts to see the bigger picture. Look no further for your bitcoin and macro 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 framework for understanding global markets—connect the dots between economic and financial concepts to see the bigger picture. Look no further for your bitcoin and macro education!
Episodes
Mentioned books
27 snips
Dec 5, 2025 • 21min
INTEREST EXPENSE EXPLODES: Why The Fed Must Cut & What It Means For Bitcoin
Nik explores the Fed's imminent rate cut amidst soaring Treasury interest expenses. He highlights how easing repo conditions and a weak dollar could steer Bitcoin closer to $90,000. Insight into bond volatility and debt dynamics reveals why lower rates are on the horizon. Additionally, he examines the relationship between TBL liquidity signals and Bitcoin's performance, suggesting a bright future as the liquidity cycle turns. Will 2025 see Bitcoin's journey towards $1 million continue?
24 snips
Dec 3, 2025 • 28min
Bitcoin Holds $90,000: Volatility, Yields, & The FED’S NEXT PRINT
Delve into the intriguing dynamics of US Treasury interest expenses and why lowering rates is crucial. Explore how bond volatility influences Bitcoin's price, and the significance of Japan's yield spikes. The evolving relationship between the dollar and China reveals potential trade shifts. Discover the pressures within the repo market and why only Fed balance sheet expansion might ease funding stress. As Bitcoin navigates a turbulent landscape, its ability to hold above $90,000 sparks engaging discussions on its future trajectory.
25 snips
Nov 26, 2025 • 49min
Inside Bitcoin’s Trend Shift: Bear Zone, Liquidations, & Key Support
Johan Bergman, an on-chain markets analyst specializing in Bitcoin, joins the discussion to analyze Bitcoin's recent trend shift into bear territory. They explore critical metrics like the short term holder cost basis and the true market mean. Johan breaks down the October liquidation events, the significant buyer strength seen at $80k, and what indicators might confirm a reversal. He also shares insights on trading dynamics influenced by open interest, whale selling trends, and the evolving relevance of the four-year cycle as institutional interests grow.
16 snips
Nov 20, 2025 • 29min
Can NVIDIA’s EARNINGS JOLT Spark a Bitcoin Reversal?
Nvidia's impressive earnings might just be the catalyst Bitcoin needs to break through critical support levels. The discussion dives into the complex interplay of money markets, TGA rollovers, and recent liquidity impacts on both stocks and Bitcoin. Nik reveals how growing correlations between Bitcoin and equities might shape the market's future. He also warns about rising volatility and its bearish implications, while analyzing the potential of AI-driven investment to bolster economic growth.
53 snips
Nov 17, 2025 • 27min
INSIDE THE SELLOFF: Bitcoin, Sanctions, & The Liquidity Drain
Dive into the sharp decline of Bitcoin and the liquidity crisis gripping markets. Nik examines how volatility in stocks and bonds, along with Lukoil's asset sales, is draining capital. Key support levels for Bitcoin are highlighted, with a focus on the critical $87,000 to $88,000 range. The discussion extends to comparing Bitcoin's performance against gold and anticipates future income-driven liquidity shifts expected in 2026. Don't miss insights into market correlations and the implications of a strengthening dollar.
19 snips
Nov 14, 2025 • 15min
BITCOIN CRASHES THROUGH $100,000 While Macro Volatility Surges & Trend Structure Weakens
Bitcoin's recent drop below $100,000 revealed critical support levels and a negative liquidity indicator. The failure to hold at $108,000 suggests waning bullish momentum, while the tightness in the repo market signals broader systemic issues. Rising bond volatility is pressuring risk assets, showcasing a complex macro backdrop. Additionally, Treasury drawdowns may impact bank reserves, potentially calming market conditions. Insights into trend lines and liquidity dynamics provide a fascinating glimpse into Bitcoin's ongoing journey.
24 snips
Nov 13, 2025 • 33min
Inside McKinsey’s Global Wealth Report: What It Means for Bitcoin
Nik and Demian dive into the intriguing link between credit creation and productivity. They discuss how new money can lead to inflation unless productivity grows to balance it. The duo clarifies the distinction between paper wealth and real wealth, exploring inefficiencies in capital allocation. They also consider if households should move deposits into productive investments. Finally, they present Bitcoin as a potential tool for collateralizing credit and fostering economic stability and growth.
23 snips
Nov 10, 2025 • 17min
LIQUIDITY Explained SIMPLY: How It Really Moves BITCOIN
The discussion kicks off with insights on Bitcoin's recent surge linked to potential U.S. government actions. Nik simplifies complex financial concepts using a relatable household balance sheet. He delves into how Treasury spending and bank reserves flow through the system, fueling Bitcoin demand. The intricate connections between government accounts, banks, and asset prices are explored, highlighting the role of liquidity in influencing market dynamics. It's a fascinating breakdown of how everyday finances impact Bitcoin's trajectory.
43 snips
Nov 7, 2025 • 38min
Bitcoin Holds $100,000 as Stocks Recover: TBL Liquidity Explained
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.
27 snips
Nov 5, 2025 • 37min
How the Fed Lost Control of Liquidity (and What It Means for Bitcoin)
Dive into the relationship between the Fed and Bitcoin as liquidity dynamics shift. Discover how fiscal dominance influences global money flow more than traditional monetary policy. Unpack the intriguing notion that Bitcoin functions as a liquidity asset rather than a safe haven. Explore whether the real economy's credit creation will redefine Bitcoin's future more than periodic market cycles. The discussion promises insights into how today’s economic landscape is transforming the perception of cryptocurrency.
