Uploaded April 2026 | Updated September 2026, 2 weeks ago
Nik breaks down why Bitcoin remains in a bear market, with both internal market behavior and macro liquidity pointing in the same direction.
Short-term holders are selling into rallies, locking in losses rather than waiting for recovery, while broader liquidity conditions continue to tighten across the financial system. Together, these signals tell a consistent story about risk appetite and Bitcoin’s position as a macro asset.
This clip comes from our weekly Global Macro Update, now delivered exclusively to TBL Pro subscribers on Substack.
The full 52-minute video goes deeper into Bitcoin’s technical breakdown, weakness in the stock market, and the role of rising volatility across both equities and Treasuries. Nik also walks through how TBL Liquidity rolled over into early 2026, what tightening financial conditions mean for risk assets, and how geopolitical developments, including the war in Iran and oil market volatility, are feeding directly into markets.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-is-there-any-bullish-momentum
...
🔓 Subscribe to TBL Pro: thebitcoinlayer.substack.com/subscribe
...
Inside TBL Pro you get:
Two weekly macro updates from Nik Bhatia (one letter + one exclusive video)
One weekly Bitcoin market analysis
Access to the TBL Research Dashboard to track liquidity metrics yourself
Monthly report collaboration with James Check (Checkonchain)
Topics discussed in this clip:
Short-term holder SOPR and what it reveals about current market behavior
Why “sell the rip” dynamics signal a bear market environment
The role of macro liquidity in driving risk assets
How Bitcoin-native and macro indicators can align
Why Bitcoin continues to behave as a macro asset
About The Bitcoin Layer
The Bitcoin Layer provides macro research focused on liquidity cycles, global markets, and Bitcoin’s role in the financial system.
New Global Macro Updates are released every Thursday for TBL Pro members.
Nik breaks down why Bitcoin remains in a bear market, with both internal market behavior and macro liquidity pointing in the same direction.
Short-term holders are selling into rallies, locking in losses rather than waiting for recovery, while broader liquidity conditions continue to tighten across the financial system. Together, these signals tell a consistent story about risk appetite and Bitcoin’s position as a macro asset.
This clip comes from our weekly Global Macro Update, now delivered exclusively to TBL Pro subscribers on Substack.
The full 52-minute video goes deeper into Bitcoin’s technical breakdown, weakness in the stock market, and the role of rising volatility across both equities and Treasuries. Nik also walks through how TBL Liquidity rolled over into early 2026, what tightening financial conditions mean for risk assets, and how geopolitical developments, including the war in Iran and oil market volatility, are feeding directly into markets.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-is-there-any-bullish-momentum
...
🔓 Subscribe to TBL Pro: thebitcoinlayer.substack.com/subscribe
...
Inside TBL Pro you get:
Two weekly macro updates from Nik Bhatia (one letter + one exclusive video)
One weekly Bitcoin market analysis
Access to the TBL Research Dashboard to track liquidity metrics yourself
Monthly report collaboration with James Check (Checkonchain)
Topics discussed in this clip:
Short-term holder SOPR and what it reveals about current market behavior
Why “sell the rip” dynamics signal a bear market environment
The role of macro liquidity in driving risk assets
How Bitcoin-native and macro indicators can align
Why Bitcoin continues to behave as a macro asset
About The Bitcoin Layer
The Bitcoin Layer provides macro research focused on liquidity cycles, global markets, and Bitcoin’s role in the financial system.
New Global Macro Updates are released every Thursday for TBL Pro members.
