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
13 snips
Mar 25, 2026 • 57min
RISE of the American Empire with Brent Johnson
Brent Johnson, founder and CIO of Santiago Capital and macro commentator, discusses the dollar’s crisis behavior and why it can shock markets. He explores deglobalization and fractured supply chains. He outlines his Rise of the American Empire framework, tech and mineral security, and the strategic race over chips, rare earths, and stablecoins.
27 snips
Mar 4, 2026 • 29min
The AI-Pentagon War That Every Bitcoiner Needs to Understand
Yaël Ossowski, a Bitcoin Policy Institute fellow who writes on AI, privacy, and financial regulation. She breaks down Anthropic’s standoff with the Pentagon and the reported use of Claude in a Venezuela raid. She explains the third-party doctrine’s threat to financial privacy. She discusses political fault lines around AI safety, and how AI capex reshapes the U.S. economy and implications for bitcoin.
38 snips
Feb 28, 2026 • 45min
Claude Eclipses Trump as the Most Important Force in Global Macro
An argument that Anthropic's Claude now moves global markets, with examples of stock swings and hiring cuts tied to AI headlines. A look at how AI is forcing companies to rewrite business playbooks and compress labor markets. Connections between the AI arms race, US strategy versus China, and the industrial buildout straining trucking and supply chains.
30 snips
Feb 24, 2026 • 40min
Individual Ownership Peaked in 2024 and What Comes Next for Bitcoin
Sam Baker, researcher at River and author of their Bitcoin adoption report, breaks down shifting ownership trends. He covers why individual ownership likely peaked in 2024 and how ETFs, RIAs, sovereigns, and businesses reshaped adoption. Conversations highlight institutional flows, business treasury accumulation, and what ownership distribution implies for the decade ahead.
25 snips
Feb 18, 2026 • 28min
The Liquidity Signal That Called Bitcoin's Drop Is Still Red
A proprietary liquidity index that flashed a red signal before Bitcoin’s drop is explained. The four inputs behind the index are unpacked, with emphasis on dollar volatility, bond stress, and USD/JPY dynamics. Discussion links currency moves and geopolitics to liquidity risks. Early-cycle US credit growth is presented as a reason for possible improvement later in the year.
27 snips
Feb 13, 2026 • 33min
Global Macro Update: Inflation Cools, Bond Yields Drop, & Bitcoin Reacts
They discuss Bitcoin’s technical resistance as the 200‑day moving average rolls and miner stress after an 11% difficulty drop. They cover the CPI surprise that sparked a Bitcoin bounce and why falling Treasury yields and strong fixed‑income demand matter more in the short term. They also explore global balance sheets, dollar dynamics, and Bitcoin’s potential role in U.S. economic statecraft.
27 snips
Feb 9, 2026 • 32min
Japan’s Historic Election, Yen Defense, & Why Bitcoin Is Still a Liquidity Trade
Dramatic political shifts in Japan and a snap election with big implications for currency policy. Coordinated U.S.-Japan moves to defend the yen and the mechanics of FX intervention. Why Japan’s bond stress, dollar moves, and global liquidity dynamics matter. Rising Bitcoin volatility, heightened correlations with stocks, and a liquidity-focused framing of recent price action.
27 snips
Feb 6, 2026 • 56min
The REAL Reason Bitcoin Is Crashing - And What Comes Next
Matt Dines, macro and markets commentator focused on monetary regimes and capital flows. He frames Bitcoin’s drop as a macro liquidity event. He links reindustrialization and dollar/yen liquidity stress to capital rotation out of software into industrials. He highlights volatility spikes, dealer capacity limits, and what must stabilize before liquidity returns.
27 snips
Feb 3, 2026 • 45min
Bitcoin Enters Bear Market Behavior, What On-Chain Metrics Are Showing
Johan Bergman, TBL on-chain analyst who studies cost-basis models and holder behavior. He breaks down November’s regime shift and sell-the-rip bear behavior. Short, sharp takes on AVIV Ratio mean, short-term holder profit/loss dynamics, liquidation events, ETF flows, and where real support might form next.
23 snips
Jan 30, 2026 • 1h 2min
Global Macro Update: Gold, Silver, Bitcoin, and the Breakdown of the WTO Era
Markets are shifting as gold surges to record highs while silver collapses after a spike. Bitcoin’s recent weakness is compared with gold and the dollar within a layered money framework. Basel III, the Shanghai Gold Exchange, and physical delivery rules are highlighted as drivers of gold’s comeback. The conversation considers a post-WTO world where minerals and strategic sourcing reshape global finance.
