The Bitcoin Layer

• Bitcoin’s Bull Run Is Built on Liquidity—As Long as Treasuries Stay Calm

  In this episode, Nik breaks down the quiet force powering Bitcoin’s 2025 bull market: calm in the Treasury market. As bond volatility unwinds, risk assets are thriving. Nik explains how Bitcoin, as a liquidity asset, is tied to Treasury stability through credit creation, term premiums, and the pace of government debt relative to GDP. He covers Bitcoin’s institutional FOMO, the mechanics of the yield curve, and the rising pressure across global markets—highlighted by a growing gold story out of Europe. 📚 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 897468 ⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected] Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt The Bitcoin Layer and its guests do not provide investment advice.

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• Bitcoin’s Financialized Bull Market: What’s Driving the Price in 2025

  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. 📚 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 896896 ⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected] Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt Chapters:00:00:00 The Evolution of Bitcoin Financialization00:05:30 The Emergence of Liquidity in Bitcoin Markets00:10:42 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 Zones00:26:12 Analyzing Market Sentiment Through Candlestick Patterns  00:31:27 Unveiling Bitcoin's Origins and Future Potential00:36:42 Understanding Bitcoin Price Narratives00:41:54 Bitcoin's All-Time High and Momentum Trading Strategy The Bitcoin Layer and its guests do not provide investment advice.

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• Bitcoin Is Now a Macro Asset—James Check Explains Why $150,000 Is Coming

  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 ⛓️ ₿lock Height 896486 ⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected] Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt Chapters:00:00:00 Understanding Bitcoin's Role in Global Market Shifts00:05:30 Bitcoin Market Trends and Price Analysis00:10:17 Resilience of Bitcoin Holders  00:15:35 Bitcoin Market Cycles and Metrics Explained00:21:24 Understanding ETF Market Dynamics00:25:28 Understanding Bitcoin's Market Dynamics  00:30:30 Market Dynamics and Investor Behavior00:35:46 Covered Call Strategies in the Crypto Market00:40:31 Understanding Bitcoin Capital Flows and Market Dynamics00:45:22 Understanding Heat Dynamics The Bitcoin Layer and its guests do not provide investment advice.

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  45:26
• Bitcoin Is Opting Out. The Fed Is Just Holding the System Together.

  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 ⛓️ ₿lock Height 895999 ⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected] Nik Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher 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 Dilemma00:20:52 Understanding the Impact of Stock Prices on Financial Power00:26:42 The Fed's Dual Stakeholders: Banks versus People  00:31:35 Bitcoin's Impact on the Credit System00:37:01 Understanding Credit Creation and Treasury Bills00:42:23 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.

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  33:33
• Bitcoin Mining Is Cleaning the Grid — Here’s the Truth

  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 ⛓️ ₿lock Height 895700 ⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected] Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt Chapters:00:00:00 Misinformation and Bitcoin Adoption00:04:10 The Decline of Bitcoin Crime Narratives00:08:24 Harnessing Stranded Energy with Bitcoin Mining00:12:09 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 Distribution00:23:52 Expanding Renewable Energy with Revenue from Grid Operators00:27:43 Debunking Bitcoin E-Waste Myths00:32:03 Bitcoin Mining Efficiency and Moore's Law00:36:15 Closing Remarks The Bitcoin Layer and its guests do not provide investment advice.

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