Uploaded July 2025 | Updated September 2026, 2 weeks ago
In this Global Macro Update, Nik explains how the end of QT is reshaping liquidity across markets and supporting bitcoin’s foundation. He breaks down the rise in Treasury bill issuance, steady reserves, and the Fed’s smooth exit from reverse repo, all fueling stronger banking system liquidity. Nik also unpacks the breakdown in the DXY and its connection to U.S. industrial policy. On the bitcoin side, he covers six-figure consolidation, compressing volatility, rising funding rates, and stable on-chain signals like MVRV, framing the macro conditions behind bitcoin’s current strength.
📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
🔓 The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowers you to take full control of your Bitcoin with a collaborative multisig vault, where you hold two of three keys, and benefit from a Bitcoin security partner. Purchase Bitcoin directly into your cold storage vault and eliminate exchange risks with Unchained's Trading Desk. Unchained also offers the best IRA product in the industry, allowing you to easily roll over old 401(k)s or IRAs into Bitcoin while keeping control of your keys. Don’t pay more taxes than you have to. Talk to us today.
Visit thebitcoinlayer.com/unchained and use code TBL for $100 off when you create an account.
🕊️ The Human Rights Foundation promotes freedom through Bitcoin by supporting developers, educating activists, and defending civil liberties worldwide.
Join thousands of readers who care about human rights, sound money, and financial sovereignty — subscribe for free at financialfreedomreport.org.
📡 Blockstream delivers cutting-edge Bitcoin infrastructure. Discover the top-rated Blockstream Jade hardware wallet for secure offline storage, and explore the Blockstream Satellite for a seamless offline Bitcoin node experience — all available at the Blockstream Store. Visit: store.blockstream.com/discount/TBL for 10% off entire order.
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📚 Subscribe to TBL’s research letter: thebitcoinlayer.com/subscribe
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📱 Follow TBL on X: 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 TheBitcoinLayer.com/merch
⛓️ ₿lock Height 907190
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: twitter.com/timevalueofbtc
Creative Director Matthew Ball's Twitter: twitter.com/matthewrball
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
❗ The Bitcoin Layer and its guests do not provide investment advice.
Chapters:
00:00:00 US Stock Markets and Bitcoin Near All-Time Highs
00:03:02 Understanding Treasury Bills and Coupon Securities
00:06:00 Understanding the Treasury's Strategy: Managing Treasury Supply and Demand
00:08:47 Treasury's Strategy to Sustain Market Stability
00:11:34 Understanding the Fed's Balance Sheet and Market Impact
00:14:25 Understanding the SOFR Market and Reserve Balance
00:17:23 U.S. and Japan Trade Deal Impact
00:20:14 US Labor Market Trends and Economic Indicators
00:23:04 Analyzing Bitcoin's Market Health and Stability
In this Global Macro Update, Nik explains how the end of QT is reshaping liquidity across markets and supporting bitcoin’s foundation. He breaks down the rise in Treasury bill issuance, steady reserves, and the Fed’s smooth exit from reverse repo, all fueling stronger banking system liquidity. Nik also unpacks the breakdown in the DXY and its connection to U.S. industrial policy. On the bitcoin side, he covers six-figure consolidation, compressing volatility, rising funding rates, and stable on-chain signals like MVRV, framing the macro conditions behind bitcoin’s current strength.
📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
🔓 The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowers you to take full control of your Bitcoin with a collaborative multisig vault, where you hold two of three keys, and benefit from a Bitcoin security partner. Purchase Bitcoin directly into your cold storage vault and eliminate exchange risks with Unchained's Trading Desk. Unchained also offers the best IRA product in the industry, allowing you to easily roll over old 401(k)s or IRAs into Bitcoin while keeping control of your keys. Don’t pay more taxes than you have to. Talk to us today.
Visit thebitcoinlayer.com/unchained and use code TBL for $100 off when you create an account.
🕊️ The Human Rights Foundation promotes freedom through Bitcoin by supporting developers, educating activists, and defending civil liberties worldwide.
Join thousands of readers who care about human rights, sound money, and financial sovereignty — subscribe for free at financialfreedomreport.org.
📡 Blockstream delivers cutting-edge Bitcoin infrastructure. Discover the top-rated Blockstream Jade hardware wallet for secure offline storage, and explore the Blockstream Satellite for a seamless offline Bitcoin node experience — all available at the Blockstream Store. Visit: store.blockstream.com/discount/TBL for 10% off entire order.
▶️ Subscribe and turn on notifications for TBL on YouTube.
📚 Subscribe to TBL’s research letter: thebitcoinlayer.com/subscribe
🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.
📱 Follow TBL on X: 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 TheBitcoinLayer.com/merch
⛓️ ₿lock Height 907190
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: twitter.com/timevalueofbtc
Creative Director Matthew Ball's Twitter: twitter.com/matthewrball
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
❗ The Bitcoin Layer and its guests do not provide investment advice.
Chapters:
00:00:00 US Stock Markets and Bitcoin Near All-Time Highs
00:03:02 Understanding Treasury Bills and Coupon Securities
00:06:00 Understanding the Treasury's Strategy: Managing Treasury Supply and Demand
00:08:47 Treasury's Strategy to Sustain Market Stability
00:11:34 Understanding the Fed's Balance Sheet and Market Impact
00:14:25 Understanding the SOFR Market and Reserve Balance
00:17:23 U.S. and Japan Trade Deal Impact
00:20:14 US Labor Market Trends and Economic Indicators
00:23:04 Analyzing Bitcoin's Market Health and Stability
