The Bitcoin Layer

In this episode, Nik answers Demian’s questions about what’s driving Bitcoin’s price in 2025, as ETFs, options, and structured products reshape the bull market. With new pipes built for institutional capital to flow into Bitcoin, financialization is transforming how price behaves—suppressing volatility, changing breakout dynamics, and introducing both long and short positioning at scale. Nik breaks down what this means for on-chain signals, how MVRV still reveals conviction, and why Bitcoin may no longer follow the boom-and-bust cycles of the past.

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📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

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⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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 The Evolution of Bitcoin Financialization

00:05:30 The Emergence of Liquidity in Bitcoin Markets

00:10:42 The Passive Ownership of Bitcoin in the S&P 500  

00:15:56 Understanding MVRV in Bitcoin Valuation  

00:21:04 Understanding Bitcoin Market Dynamics and Resistance Zones

00:26:12 Analyzing Market Sentiment Through Candlestick Patterns  

00:31:27 Unveiling Bitcoin's Origins and Future Potential

00:36:42 Understanding Bitcoin Price Narratives

00:41:54 Bitcoin's All-Time High and Momentum Trading Strategy

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

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/

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.

📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe

🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.

📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer

📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial

🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch

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⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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.

In this episode, Nik Bhatia and TBL Research Associate Demian Schatt unpack how the Federal Reserve actually influences the financial system—and who it serves. They discuss what happens mechanically when the Fed changes rates, why bond market expectations matter more than policy statements, and how the entire credit system is structured to resist deflation. Nik shares insights on the origins of the 2% inflation target, the fragility of the banking system, and how Bitcoin fits into a world built on rolling debt and central bank intervention. The conversation also touches on Larry Lepard’s The Big Print and the growing call for sound money in an era of frequent financial crises.

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.

📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe

🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.

📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer

📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial

🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch

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⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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:

00:05:10 Preventing Market Panic and Unemployment  

00:10:24 The Debate on Sound Money vs. Credit System  

00:15:40 The Inflation Target Dilemma

00:20:52 Understanding the Impact of Stock Prices on Financial Power

00:26:42 The Fed's Dual Stakeholders: Banks versus People  

00:31:35 Bitcoin's Impact on the Credit System

00:37:01 Understanding Credit Creation and Treasury Bills

00:42:23 The Federal Reserve's Balance Sheet Dilemma  

00:47:33 Understanding Bitcoin as a New Asset Class

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

In this episode, Nik is joined by Bitcoin researcher Daniel Batten to unpack the latest Cambridge report on Bitcoin mining and energy. They reveal how years of misinformation—driven by central banks and amplified by the media—have distorted public perception of Bitcoin’s environmental impact. Drawing on new data, Daniel explains how miners are increasingly using off-grid and stranded energy, stabilizing power grids and accelerating renewable adoption. From landfill methane in Latin America to hydropower in Ethiopia, this conversation highlights Bitcoin’s growing role in global energy innovation.

Link to article: https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.

📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe

🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.

📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer

📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial

🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch

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⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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 Misinformation and Bitcoin Adoption

00:04:10 The Decline of Bitcoin Crime Narratives

00:08:24 Harnessing Stranded Energy with Bitcoin Mining

00:12:09 Using Bitcoin Mining for Energy Stabilization  

00:16:00 Bitcoin's Environmental Impact: Over estimations and Emission Reductions  

00:20:13 Impact of Ethiopia's Dam and Bitcoin Mining on Energy Distribution

00:23:52 Expanding Renewable Energy with Revenue from Grid Operators

00:27:43 Debunking Bitcoin E-Waste Myths

00:32:03 Bitcoin Mining Efficiency and Moore's Law

00:36:15 Closing Remarks

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

In this video, Nik Bhatia explores the Eurodollar system through an unexpected lens—a conversation with Grok. Drawing from his own research in Layered Money and Bitcoin Age, Nik traces the origins of offshore dollar finance, explains how Regulation Q and Cold War politics fueled the rise of the Eurodollar market, and examines China’s role in expanding this shadow system through the Belt and Road Initiative. As global capital flows collide with U.S. trade policy and economic reordering, this episode uncovers how the Eurodollar system fits into the broader financial war unfolding today.

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.

📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe

🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.

📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer

📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial

🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch

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⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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 the Euro Dollar System  

00:03:41 Understanding the Eurodollar System: A Historical Overview

00:07:15 Understanding the Eurodollar System  

00:11:09 The Impact of Regulation Q on U.S. Banking and the Eurodollar System

00:14:57 The Rise of Eurodollar Banking  

00:18:58 Exploring the Eurodollar System  

00:22:25 Understanding Euro Dollars and China's Role in Global Trade

00:25:45 The Role of Euro Dollars in China's Belt and Road Initiative

00:29:03 The Role of Hong Kong in the Eurodollar Market  

00:32:18 Bitcoin's Role in the Reordering of Global Trade

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

In this episode, Nik Bhatia sits down with TBL Research Associate Demian Schott to break down Bitcoin’s strong price action despite signs of macroeconomic slowdown. They explore how falling bond volatility, shifting interest rate expectations, and the Fed’s potential rate cuts are boosting risk assets through the TBL Liquidity lens. Nik explains how market certainty affects dealer activity, why lower yields matter for Bitcoin and stocks, and what the two-year Treasury yield is signaling about future Fed policy. The conversation also touches on global trade, Eurodollar flows, and the political dynamics influencing inflation and long-term interest rates.

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.

📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe

🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.

📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer

📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial

🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch

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⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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 Bitcoin Performance Amidst Economic Slowdown  

00:05:37 Understanding Interest Rate Risk and Duration

00:11:06 Understanding Bond Volatility and Bitcoin Performance  

00:16:38 Impact of Bond Market Movements on Stocks

00:22:10 Impact of Treasury Market on U.S. Economic Policy

00:27:35 Economic Slowdown and Rate Cuts Ahead

00:32:37 Strategies for Stabilizing Long-Term Inflation  

00:38:39 Historical Context of Trump's Political Influence

00:44:34 Observing Economic Predictions: Inflation and Stock Market Impacts

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

In this episode, Nik Bhatia and Matt Dines unpack the evolving dynamics of global finance, focusing on gold’s renewed monetary role, the effects of China’s gold market activity, and the broader trend of de-dollarization. They explore how tariffs and shifting trade flows are reshaping global dollar circulation, and examine the interplay between gold, bitcoin, and dollar strength. The conversation also covers the Eurodollar system, Ukraine war financing, and how changes in labor and capital are shaping the current macro landscape.

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.

📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe

🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.

📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer

📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial

🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch

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⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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 The Role of Gold in the Global Market  

00:07:31 Analyzing the Gold Market Dynamics

00:14:27 The Role of Shanghai Futures Exchange in Gold Trading

00:22:10 Global Monetary Dynamics: Gold, Bitcoin, and the Dollar  

00:29:22 Impact of Tariffs 2.0 on US Economy  

00:36:31 Global Currency Strength: USD vs. Non-G7 Currencies

00:43:12 Offshore Financing of Ukrainian Sovereign Debt

00:50:26 Speculation on National Financing and Interest Rates  

00:57:14 Origins of the Bank of England and its Role in War Funding

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

In this video, Nik dives into America’s new financial war on offshore dollar power. He outlines how the Trump administration’s tariffs are just the opening move in a broader strategy to dismantle the Eurodollar system, drain shadow banking liquidity, and force a return to Treasury-backed money. Nik charts the end of 30 years of globalization, the reshaping of global trade, and the early signs of a new monetary world order taking shape right now.

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.

📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe

🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.

📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer

📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial

🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch

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⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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 Analyzing the Global Trade Tensions and Tariffs

00:02:38 Global Tariffs and Political Motivations

00:05:10 US Tariff Strategy and Economic Perspectives

00:07:47 Titanium Seed Plates: Rustproof and Customizable  

00:10:28 The Debate on Tariffs and Global Trade

00:12:55 Unorthodox Economic Policies and Their Impact  

00:15:26 Global Sovereign Debt and Interest Rates

00:18:03 Understanding the Eurodollar System Interaction  

00:20:49 Transition from Unsecured to Secured Money: Implications for Euro and USD Markets

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

In this episode, Nik is joined by Tanvi Ratna, founder of Policy 4.0, to break down the Trump administration’s sweeping new strategy: a global trade, currency, and security reordering. Tanvi brings her unique expertise across geopolitics, supply chains, finance, and emerging tech to explain how the U.S. is shifting from a consumer-driven economy to an industrial powerhouse—while reimagining alliances, shipping lanes, and even the future of the dollar system. They discuss the multipolar world taking shape, the BRICS challenge, de-dollarization, and the rising roles of gold and Bitcoin in a new monetary era.

Links discussed in episode:

- Follow Tanvi Ratna on X: https://x.com/tanvi_ratna

- Link to Bessent speech: https://www.youtube.com/watch?v=SRCsjVlA0VA&t=1s

- Hudson bay paper from Miran: https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf

- Steve Miran speech: https://www.whitehouse.gov/briefings-statements/2025/04/cea-chairman-steve-miran-hudson-institute-event-remarks/

- Steve Miran episode: https://www.youtube.com/watch?v=h8znYA7ATlk

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.

📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe

🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.

📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer

📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial

🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch

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⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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

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

In this Global Macro Update, Nik walks through a massive chart pack to help decode today’s volatile macro landscape. Gold is leading the way, outpacing Bitcoin over the past 12 months and signaling a global monetary reset in motion. Nik connects the dots between soaring gold prices, weakening demand for U.S. Treasuries, and a shift away from dollar recycling as trade relationships are restructured. He analyzes Bitcoin’s technical setup, MVRV valuation, and ETF inflows, and explores how rising bond volatility and term premia are draining liquidity. Plus, new insights on the U.S. energy boom, unemployment pressures, and why the Fed may cut rates even as inflation stays tame.

Link to Bessent speech: https://www.youtube.com/watch?v=SRCsjVlA0VA&t=1s

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.

📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe

🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.

📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer

📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial

🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch

⛓️ ₿lock Height 893849

⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected]

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 Bitcoin and Gold Performance: A 12-Month Overview  

00:03:01 Understanding Gold Price Movements in a Global Economy

00:05:42 The Importance of Bitcoin's Decentralization

00:08:30 Understanding Bitcoin's Realized Price and Investor Behavior

00:11:14 Bitcoin Price Drivers and Realized Price  

00:13:49 Evolution of Bitcoin Volatility  

00:16:36 The Impact of Bitcoin Bounce and Market Liquidity Trends

00:19:11 Understanding M2 and Asset Base Relationship  

00:22:01 Changing Dynamics in US Treasury Holdings

00:24:52 Impact of US Government Spending Cuts on the Economy

00:27:42 Impact of Tariffs on Economic Growth and Inflation

00:30:18 Inflation Trends and Market Responses

00:33:12 Fed's Rate Cut Strategy and Economic Indicators

00:35:56 Impact of US Manufacturing Decline  

00:38:32 Path to U.S. Fiscal Sustainability  

00:41:13 Bitcoin's Growing Share in Global Equities

00:44:04 Conclusion and Farewell

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