Uploaded July 2026 | Updated September 2026, 2 weeks ago
Watch the full Global Macro Update: thebitcoinlayer.substack.com/p/this-is-the-most-bitcoin-i-have-ever
In this global macro update, Nik asks whether bitcoin has finally bottomed after tagging 58k and reclaiming 60,000. He walks through the bullish divergences forming on bitcoin's daily and weekly charts, why a grinding-higher dollar has been weighing on liquidity and bitcoin all year, and why he now sees Asia, particularly yen and Korean won weakness, as the most likely spot for trouble. Nik also covers new Fed chair Kevin Warsh and his read that Warsh is playing junior to Scott Bessent on taming volatility, the state of Michael Saylor's STRC dividend and MSTR, and what TBL liquidity is signaling now
CHECK OUT TBL PULSE: research.thebitcoinlayer.com
The Bitcoin Layer is proud to be sponsored by SOUND HSA. A Health Savings Account is the most tax-advantaged account in the US tax code: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified healthcare expenses are tax-free too. But most people leave their HSA sitting in cash, losing purchasing power year after year. SOUND HSA lets you hold real bitcoin inside your HSA instead. Not an ETF, not a paper claim, but real bitcoin secured in multi-institutional, multi-signature cold storage. Use code TBL to waive the fifty-dollar setup fee. Transfer an existing HSA or open a new one today: soundhsa.com
The Bitcoin Layer is proud to be sponsored by Club Orange. One of the best parts of bitcoin is the people, and some of the strongest friendships and opportunities come from meeting other bitcoiners. Club Orange makes that easy. Whether you're at home or traveling for a conference, you can find local bitcoiners, discover the next meetup, and locate merchants that accept bitcoin, all in one app. Every city has an incredible bitcoin community; you just need a way to find it. Learn more at cluborange.org/thebitcoinlayer, or download Club Orange on the App Store or Google Play. When you join, send Nik a DM.
Timestamps:
00:00 Has bitcoin finally bottomed at 58k
05:00 Johan on divergences and reading rate of change
06:48 Why "less bad" is the signal to watch
08:00 TBL Pulse and how TBL liquidity outperformed
09:34 The dollar and the four pillars of liquidity
11:00 Japanese yen weakness and rising JGB yields
11:41 Korea, Samsung, and SK Hynix in the AI memory boom
13:20 Try AI yourself: download Claude
13:59 Why Asia is the spot of the most trouble
14:50 Saylor, STRC dividends, and MSTR
16:52 Bessent as the Secretary of Volatility and the MOVE index
19:00 Kevin Warsh, the new Fed chair, on the tape in Portugal
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
▶️ Subscribe and turn on notifications for TBL on YouTube.
🎙 Subscribe to The Bitcoin Layer on your favorite podcast platform.
🐦 Follow TBL on X: /thebitcoinlayer
Nik Bhatia's Twitter: /timevalueofbtc
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
Watch the full Global Macro Update: thebitcoinlayer.substack.com/p/this-is-the-most-bitcoin-i-have-ever
In this global macro update, Nik asks whether bitcoin has finally bottomed after tagging 58k and reclaiming 60,000. He walks through the bullish divergences forming on bitcoin's daily and weekly charts, why a grinding-higher dollar has been weighing on liquidity and bitcoin all year, and why he now sees Asia, particularly yen and Korean won weakness, as the most likely spot for trouble. Nik also covers new Fed chair Kevin Warsh and his read that Warsh is playing junior to Scott Bessent on taming volatility, the state of Michael Saylor's STRC dividend and MSTR, and what TBL liquidity is signaling now
CHECK OUT TBL PULSE: research.thebitcoinlayer.com
The Bitcoin Layer is proud to be sponsored by SOUND HSA. A Health Savings Account is the most tax-advantaged account in the US tax code: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified healthcare expenses are tax-free too. But most people leave their HSA sitting in cash, losing purchasing power year after year. SOUND HSA lets you hold real bitcoin inside your HSA instead. Not an ETF, not a paper claim, but real bitcoin secured in multi-institutional, multi-signature cold storage. Use code TBL to waive the fifty-dollar setup fee. Transfer an existing HSA or open a new one today: soundhsa.com
The Bitcoin Layer is proud to be sponsored by Club Orange. One of the best parts of bitcoin is the people, and some of the strongest friendships and opportunities come from meeting other bitcoiners. Club Orange makes that easy. Whether you're at home or traveling for a conference, you can find local bitcoiners, discover the next meetup, and locate merchants that accept bitcoin, all in one app. Every city has an incredible bitcoin community; you just need a way to find it. Learn more at cluborange.org/thebitcoinlayer, or download Club Orange on the App Store or Google Play. When you join, send Nik a DM.
Timestamps:
00:00 Has bitcoin finally bottomed at 58k
05:00 Johan on divergences and reading rate of change
06:48 Why "less bad" is the signal to watch
08:00 TBL Pulse and how TBL liquidity outperformed
09:34 The dollar and the four pillars of liquidity
11:00 Japanese yen weakness and rising JGB yields
11:41 Korea, Samsung, and SK Hynix in the AI memory boom
13:20 Try AI yourself: download Claude
13:59 Why Asia is the spot of the most trouble
14:50 Saylor, STRC dividends, and MSTR
16:52 Bessent as the Secretary of Volatility and the MOVE index
19:00 Kevin Warsh, the new Fed chair, on the tape in Portugal
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
▶️ Subscribe and turn on notifications for TBL on YouTube.
🎙 Subscribe to The Bitcoin Layer on your favorite podcast platform.
🐦 Follow TBL on X: /thebitcoinlayer
Nik Bhatia's Twitter: /timevalueofbtc
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
