The Bitcoin Layer

In this episode, Demian explains TBL’s analysis of why bitcoin is holding up even as liquidity hit its lowest point of the cycle. He covers how the TBL Liquidity Index works, what a red dot actually signals, and why...

In this episode, Nik explains the bitcoin power law and why he believes it points to a million dollar bitcoin in the early 2030s. He walks through bitcoin’s orders of magnitude, four years to go from $1,000 to $10,000...

In this episode, Nik explains what he thinks is the easiest way to introduce bitcoin to new investors, which comes down to returns. He compares bitcoin against stocks, bonds, and gold across three, five, seven, and ten...

In this episode, Nik walks through TBL Pulse and the macro charts he watches every day, starting with why bitcoin is climbing while liquidity drains. He explains why the TBL liquidity index has fallen close to the...

In this Global Macro Update, Nik covers the blowout in French government bond yields against German bunds and why he sees a sovereign debt crisis developing in France. He explains why a falling euro suggests Europe is...

In this Global Macro Update, Nik walks through a chart pack of more than 100 charts, starting with the bitcoin gold ratio charging back above 20 while global bond markets remain in meltdown. He shows why bitcoin versus...

In this episode, Nik welcomes back James Van Straten of CoinDesk for a conversation on the global bond meltdown and the fiscal crisis building in the United Kingdom. James explains why he thinks central banks have lost...

In this episode, Nik covers bitcoin's move to $87,000 and why breaking $82,700, the post-bear-market high from May, means the bear market that defined 2026 is over. He zooms all the way into one-minute candles to show...

In this episode, Nik welcomes Stu Lackey and Jon Gordon of SOUND HSA for a conversation on the fiscal side of American healthcare. Nik opens with the charts: almost $4 trillion of the just over $5 trillion the...

In this Global Macro Update, Nik covers the global bond meltdown and what happens to Liquidity if the Fed hikes rates. He starts with bitcoin losing the trend line he had been tracking and slipping from $80,000 back to...

In this Global Macro Update, Nik explains why he believes the current global bond meltdown and liquidity contraction will end in a massive global money print. He walks through the global balance sheet, $600 trillion in...

In this episode, Nik explains why he thinks this week's inflation data is the most important economic release of the year, with PPI and CPI landing days before the Fed's September 16 decision. He covers why treasury...

In this episode, Nik covers the strong jobs report and whether it is enough to push the Fed toward a rate hike. He explains why the two-year yield near 4.38% shows the market pricing in hikes more aggressively than at...

In this episode, Nik covers the chaos in global government bond markets, with yields rising from the United States to Japan, Germany, France, and the United Kingdom. He explains what actually drives bond yields, why...

In this video, Nik covers the market reaction to Kevin Warsh's Jackson Hole speech, starting with the two-year yield pushing back toward its highs near 4.35% and what that says about the market pricing in rate hikes. He...