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
8 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!
29 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.
32 snips
Oct 23, 2025 • 1h 35min
THE GREAT AMERICAN RESET: Credit, Industry, and Bitcoin’s Role in What Comes Next
Nik chats with Matt Dines, the Chief Investment Officer at Build Asset Management, who shares insights into the evolving macro landscape. They discuss the Fed's repo market dynamics, the strategic edge of the U.S. banking system over Europe and China, and why gold is rallying amidst changing monetary policies. Dines argues that Bitcoin's current geopolitical role is limited, especially in scenarios involving nations like Argentina. Listen in for a fascinating exploration of credit, liquidity, and the intersection of traditional and digital assets.
24 snips
Oct 21, 2025 • 54min
America’s Grand Strategy: Repo, China, Jensen Huang, & Bitcoin’s Next Move
Nik dives into repo market developments and the Fed's concerns over reserve scarcity. He highlights the geopolitical pivot from LIBOR to SOFR and its impact on money markets. The discussion shifts to America’s reindustrialization strategy, the role of China, and Jensen Huang's views on domestic AI chip production. With liquidity expansion on the horizon, Nik connects these elements to Bitcoin's potential movement, analyzing recent volatility shifts and the importance of support levels. It's a captivating exploration of finance and technology!
39 snips
Oct 16, 2025 • 31min
Repo Market MELTDOWN? Gold’s Move Signals Something BIG
The repo market is showing signs of stress, with rising spreads indicating emerging reserve scarcity. Gold's unprecedented surge toward $4,300 raises serious questions about liquidity and potential crises. The Fed's repo facility activation hints at real funding market stress, while a tighter repo market could impact risk assets like stocks and Bitcoin. Nik connects falling treasury yields to rising gold prices, suggesting a complex web of economic signals that could point to a deeper financial issue. It's a wild ride through macroeconomic turbulence!
24 snips
Oct 13, 2025 • 40min
The Philosophy of Bitcoin & Fiat: Credit, Justice, & Sound Money
Pascal Hügli, an author and podcaster focused on Bitcoin and finance, discusses the philosophical tensions between Bitcoin and the fiat credit system. He explores how stablecoins and central banking reshape money creation and argues that the current credit system is unjust due to centralized control. Pascal presents Bitcoin as a potential relief valve for fiat debasement and highlights the need for an elastic monetary layer on Bitcoin. He also delves into the implications of stablecoins on bank credit creation and the evolving landscape of monetary intermediation.
27 snips
Oct 10, 2025 • 32min
Bitcoin Reacts to Tariff Tensions: What’s Next for Price & Liquidity
Tariffs on China triggered market volatility and a Bitcoin dip after a strong October start. The discussion highlights U.S. re-industrialization and the shift in rare earth investments for national security. Nik analyzes how geopolitical tensions interact with Fed policy and the implications for oil prices and yields. Falling oil prices could reduce inflation, while the flat yield curve suggests stability in Treasury supply. Lastly, Bitcoin's current price action and support levels indicate possible trends after the tariff shock.
35 snips
Oct 6, 2025 • 48min
The Future of Bitcoin Mining: Home Miners, Pools, & Open Source Innovation
Robert Warren, author of The Bitcoin Miners Almanac and Head of Research at Bitcoin Park, dives into the evolving landscape of Bitcoin mining. He discusses how home miners are creatively integrating mining with household utilities like heating and solar power. The potential of open-source R&D to decentralize ASIC design is highlighted, alongside the pros and cons of mining pools versus solo mining. Warren also explores the importance of privacy in pool selection and the integration of mining into energy markets to enhance efficiency and promote sustainability.
