In this episode, Nik continues our TBL classroom series on Bitcoin and liquidity. He breaks down the inner workings of the U.S. Treasury market, the role of primary dealers, and how the Federal Reserve interacts with both. This lesson covers the mechanics of QE and QT, Fed balance sheet dynamics, and how treasuries move from issuance to investor portfolios. Nik also introduces the concept of liability-driven investing and asset-liability matching to explain long-term treasury demand. This episode continues to build the foundation for understanding Bitcoin’s place within the global liquidity system.

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