Uploaded December 2025 | Updated September 2026, 2 weeks ago
In this episode, Nik sits down with Dr. André Dragosch of Bitwise to break down why large institutional capital is lining up behind Bitcoin heading into 2026. They explore ETF flows, treasury company demand, wirehouse adoption, & why Vanguard’s green light marks a major shift in access for traditional investors. André explains how global growth expectations, bond market stress, & falling confidence in sovereign debt are reshaping capital allocation, setting the stage for Bitcoin to push toward new all-time highs as long-term selling fades and institutional demand accelerates.
Find André's work here:
- https://andredragosch.start.page/
📚 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 unchained.com/tbl and use the code TBL10 for a 10% credit towards your first year's account fees.
📡 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 929180
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: twitter.com/timevalueofbtc
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 Intro & Guest Introduction
00:41 2026 Outlook for Bitcoin
01:35 2025 Review: Institutional Demand & Flat Price
03:39 ETF Flows, Institutional Backlog, and 2026 Dry Powder
05:52 ETFs, Treasury Buying Challenges & Flywheel Dynamics
08:31 Long-Term Holder and Whale Selling Explained
10:38 Why Did Long-Term Holders Sell in 2025?
12:41 Legitimization of Bitcoin & Political Shifts
14:46 Is the Four-Year Cycle Dead?
15:08 Havings vs. Demand: Structural Shifts
16:39 Macro Factors Now Drive Bitcoin
17:53 Macro Cycles, Rate Cuts, and 2026 Outlook
19:59 Bitcoin Underpricing Global Growth & M2 Divergence
22:03 Commodities, Global Growth Signals, and Retail Absence
23:49 Retail's Role in Future Bull Runs
25:52 Economic Policy, Middle Class, and Retail Footing
27:12 Global Wealth Deployment & Bitcoin's Share
31:52 Sovereign Bond Rotation Into Bitcoin
36:32 Japan's Bond Market and Bitcoin
41:44 Wirehouses, Vanguard, and 2026 Bullish Thesis
46:05 ETFs As Bitcoin's Marginal Buyer
48:12 Outro & Where to Find Dr. Andre Drago
In this episode, Nik sits down with Dr. André Dragosch of Bitwise to break down why large institutional capital is lining up behind Bitcoin heading into 2026. They explore ETF flows, treasury company demand, wirehouse adoption, & why Vanguard’s green light marks a major shift in access for traditional investors. André explains how global growth expectations, bond market stress, & falling confidence in sovereign debt are reshaping capital allocation, setting the stage for Bitcoin to push toward new all-time highs as long-term selling fades and institutional demand accelerates.
Find André's work here:
- https://andredragosch.start.page/
📚 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 unchained.com/tbl and use the code TBL10 for a 10% credit towards your first year's account fees.
📡 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 929180
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: twitter.com/timevalueofbtc
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 Intro & Guest Introduction
00:41 2026 Outlook for Bitcoin
01:35 2025 Review: Institutional Demand & Flat Price
03:39 ETF Flows, Institutional Backlog, and 2026 Dry Powder
05:52 ETFs, Treasury Buying Challenges & Flywheel Dynamics
08:31 Long-Term Holder and Whale Selling Explained
10:38 Why Did Long-Term Holders Sell in 2025?
12:41 Legitimization of Bitcoin & Political Shifts
14:46 Is the Four-Year Cycle Dead?
15:08 Havings vs. Demand: Structural Shifts
16:39 Macro Factors Now Drive Bitcoin
17:53 Macro Cycles, Rate Cuts, and 2026 Outlook
19:59 Bitcoin Underpricing Global Growth & M2 Divergence
22:03 Commodities, Global Growth Signals, and Retail Absence
23:49 Retail's Role in Future Bull Runs
25:52 Economic Policy, Middle Class, and Retail Footing
27:12 Global Wealth Deployment & Bitcoin's Share
31:52 Sovereign Bond Rotation Into Bitcoin
36:32 Japan's Bond Market and Bitcoin
41:44 Wirehouses, Vanguard, and 2026 Bullish Thesis
46:05 ETFs As Bitcoin's Marginal Buyer
48:12 Outro & Where to Find Dr. Andre Drago
