Uploaded May 2026 | Updated September 2026, 2 weeks ago
Nik Bhatia breaks down why Bitcoin is underperforming stocks while the S&P prints all-time highs, and why that gap is nothing to worry about. Bitcoin and stocks stay tightly correlated, but correlation measures day-to-day behavior, not matching returns. Stocks are up on strong fundamentals while Bitcoin lagged through Q4 2025 and Q1 2026 as long-term holders sold into six-figure gains, both driven by the same liquidity that keeps the correlation intact.
This clip is from our latest TBL Pro global macro update on Substack.
The full update goes deeper into the structural passive bid now flowing into Bitcoin through ETFs and 401k allocations from BlackRock and Fidelity, the AI revolution dominating global macro and the $1 trillion-plus hyperscaler capex super cycle driving it, why several AI names like NVIDIA have outperformed Bitcoin over multiple time horizons and how TBL is building an equity sleeve to position for it, a full walkthrough of the new TBL Pulse AI tab and Bitcoin signals, and how Nik built a "second brain" personal knowledge base using Claude Code and Obsidian to manage the entire business.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-everything-everywhere-all-at?r=4kvnpl
🔓 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 Bhatia breaks down why Bitcoin is underperforming stocks while the S&P prints all-time highs, and why that gap is nothing to worry about. Bitcoin and stocks stay tightly correlated, but correlation measures day-to-day behavior, not matching returns. Stocks are up on strong fundamentals while Bitcoin lagged through Q4 2025 and Q1 2026 as long-term holders sold into six-figure gains, both driven by the same liquidity that keeps the correlation intact.
This clip is from our latest TBL Pro global macro update on Substack.
The full update goes deeper into the structural passive bid now flowing into Bitcoin through ETFs and 401k allocations from BlackRock and Fidelity, the AI revolution dominating global macro and the $1 trillion-plus hyperscaler capex super cycle driving it, why several AI names like NVIDIA have outperformed Bitcoin over multiple time horizons and how TBL is building an equity sleeve to position for it, a full walkthrough of the new TBL Pulse AI tab and Bitcoin signals, and how Nik built a "second brain" personal knowledge base using Claude Code and Obsidian to manage the entire business.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-everything-everywhere-all-at?r=4kvnpl
🔓 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.
