In this episode, Nik Bhatia sits down with James Check (Checkmate) to break down the latest shifts in Bitcoin market structure, sentiment, and investor behavior. They explore how the macro landscape and price action are shaping this phase of the bull market, with an emphasis on derivatives, MVRV, and the psychology of unrealized losses. The conversation highlights the transition from mining-driven cycles to behavior-driven dynamics and how corporate treasury strategies are now influencing Bitcoin’s long-term trajectory. Nik and James discuss what recent price ranges reveal about investor confidence and why patience remains key in navigating evolving market conditions.

Follow Checkmate's work: https://www.checkonchain.com/

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Nik Bhatia's Twitter: https://twitter.com/timevalueofbtc

Creative Director Matthew Ball's Twitter: https://twitter.com/matthewrball

Researcher Demian Schatt's Twitter: https://x.com/demianschatt

Chapters:

00:00:00 Understanding Bitcoin's Role in Global Market Shifts

00:05:30 Bitcoin Market Trends and Price Analysis

00:10:17 Resilience of Bitcoin Holders  

00:15:35 Bitcoin Market Cycles and Metrics Explained

00:21:24 Understanding ETF Market Dynamics

00:25:28 Understanding Bitcoin's Market Dynamics  

00:30:30 Market Dynamics and Investor Behavior

00:35:46 Covered Call Strategies in the Crypto Market

00:40:31 Understanding Bitcoin Capital Flows and Market Dynamics

00:45:22 Understanding Heat Dynamics

The Bitcoin Layer and its guests do not provide investment advice.