Uploaded April 2026 | Updated September 2026, 2 weeks ago
Nik walks through what five years of price action across gold, stocks, bitcoin, and bonds reveals about the state of the dollar. Together, these four prices tell a consistent story: a monetary reordering is underway, the dollar is being devalued against real assets, and the US is positioning itself to use the credit system as a weapon in the technology race against China.
This clip comes from our weekly Global Macro Update, now delivered exclusively to TBL Pro subscribers on Substack.
The full 42-minute video goes deeper into the US-China technology race and why it sits at the center of every major market move, Nik's case for bitcoin's power law relationship with time, and the extreme asymmetry of outcomes that makes bitcoin worth owning right now. Nik also walks through the latest read on TBL Liquidity, the correlation regime tying bitcoin and stocks together, the V-shaped bounce in risk assets, and how growth in global banking assets continues to drive the liquidity story underneath it all.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-up-up-and-away
🔓 Subscribe to TBL Pro: thebitcoinlayer.substack.com/subscribe
The Bitcoin Layer is proud to be sponsored by The Bitcoin Way. Most people know how to buy bitcoin, but few know how to truly secure it. The Bitcoin Way offers one-on-one, white glove self-custody training so you can take full control of your bitcoin wealth with zero counterparty risk. They never touch your bitcoin. From air-gapped hardware to inheritance planning to node running, they handle the full stack. They also offer personal cybersecurity services and Plan B residency in Panama for those seeking jurisdictional sovereignty. Book a free consultation today: thebitcoinway.com/tbl
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)
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 walks through what five years of price action across gold, stocks, bitcoin, and bonds reveals about the state of the dollar. Together, these four prices tell a consistent story: a monetary reordering is underway, the dollar is being devalued against real assets, and the US is positioning itself to use the credit system as a weapon in the technology race against China.
This clip comes from our weekly Global Macro Update, now delivered exclusively to TBL Pro subscribers on Substack.
The full 42-minute video goes deeper into the US-China technology race and why it sits at the center of every major market move, Nik's case for bitcoin's power law relationship with time, and the extreme asymmetry of outcomes that makes bitcoin worth owning right now. Nik also walks through the latest read on TBL Liquidity, the correlation regime tying bitcoin and stocks together, the V-shaped bounce in risk assets, and how growth in global banking assets continues to drive the liquidity story underneath it all.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-up-up-and-away
🔓 Subscribe to TBL Pro: thebitcoinlayer.substack.com/subscribe
The Bitcoin Layer is proud to be sponsored by The Bitcoin Way. Most people know how to buy bitcoin, but few know how to truly secure it. The Bitcoin Way offers one-on-one, white glove self-custody training so you can take full control of your bitcoin wealth with zero counterparty risk. They never touch your bitcoin. From air-gapped hardware to inheritance planning to node running, they handle the full stack. They also offer personal cybersecurity services and Plan B residency in Panama for those seeking jurisdictional sovereignty. Book a free consultation today: thebitcoinway.com/tbl
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)
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.
