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
22 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.
12 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.
16 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.
17 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.
32 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.
25 snips
Nov 4, 2025 • 19min
Fed Liquidity Crunch Explained: Repo, QT, & Bitcoin’s Reaction
Nik dives into the recent funding stress in global liquidity, highlighting how the Treasury's growing General Account affects reserves. He discusses early warning signs from repo spreads and the relationship between dollar strength and Bitcoin’s price, now hovering below $108,000. The tension in the repo market is explored, revealing how tighter liquidity impacts risk assets and might shape the next phase of the credit cycle. Tune in for insights on chart patterns, technical levels, and what it all means for Bitcoin's future!
30 snips
Oct 31, 2025 • 20min
Liquidity Tightens AGAIN: What the Repo Market Is Telling Us
Nik Bhatia dives into the latest shifts in the repo market and their implications for liquidity and Bitcoin. He explains the significance of the SOFR-IOBR spread and what declining reserves could mean for macroeconomic stability. The discussion covers the Fed's upcoming end to quantitative tightening and the intriguing concept of 'not-QE QE.' Additionally, the effects of dollar and yuan movements on global risk sentiment are analyzed, while the labor market data reveals insights into potential future rate cuts.
24 snips
Oct 29, 2025 • 39min
THE FED ENDS QT: Fiscal Dominance, Repo Stress, & Bitcoin’s Signal
Discover the implications of the Fed's recent rate cut and the end of quantitative tightening. Explore the concept of Balance Sheet Dominance and how Treasury bill issuance is affecting the repo market. Delve into the idea of fiscal dominance dictating Fed policy, and why major banks may not be lending reserves. The connection between fiscal-driven inflation and Bitcoin's positioning in a shifting monetary landscape adds an intriguing layer. Learn why this scenario is viewed as structural, not just cyclical.
9 snips
Oct 28, 2025 • 44min
How The Bible Helped Me Understand The Capital War
In this engaging discussion, Kane McGukin, a writer and researcher focusing on geopolitics and finance, explores how biblical wisdom sheds light on today’s capital wars and global liquidity. He connects the historical teachings of the Bible to modern economic shifts, including the U.S.–China rivalry and the transition from Eurodollar banking to innovative liquidity solutions like stablecoins and Bitcoin. Kane also delves into capital hoarding, productive investment, and the cyclical nature of morality and economic behavior.
