Uploaded August 2026 | Updated September 2026, 2 weeks ago
🚨 CHECK OUT TBL PULSE: thebitcoinlayer.com
In this episode, Nik covers bitcoin's 22% week and a run that took price to just shy of $80,000. He walks through the multi-year trend line connecting the FTX lows to the start of the ETF bull market, why bitcoin generates most of its returns in short concentrated bursts, and the bullish divergence that showed up before this move. Nik explains why he thinks the real driver was not the Treasury buyback but the yen intervention and the developing US-Japan monetary alliance, and why Kevin Warsh lowering front-end rates is the only lever left. He closes on gold's run to $5,500 and the rising correlation between bitcoin and gold.
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
Timestamps:
00:00 bitcoin up 22% and nearly $80,000
02:18 What to watch on the bitcoin chart
04:11 The trend line from the FTX lows to the ETF launch
06:30 Why bitcoin's returns come in concentrated bursts
08:33 The last peek at doom before the takeoff
10:34 Bullish divergence and what drove the move
12:20 The currency war and the Eurodollar unwind
14:11 Gold and bitcoin bottoming on the same day
16:01 Gold's run to $5,500 and the monetary inflation thesis
18:14 Why Warsh has to lower front-end rates
20:15 What TBL liquidity tracks
22:20 The rising bitcoin-gold correlation
📊 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
🚨 CHECK OUT TBL PULSE: thebitcoinlayer.com
In this episode, Nik covers bitcoin's 22% week and a run that took price to just shy of $80,000. He walks through the multi-year trend line connecting the FTX lows to the start of the ETF bull market, why bitcoin generates most of its returns in short concentrated bursts, and the bullish divergence that showed up before this move. Nik explains why he thinks the real driver was not the Treasury buyback but the yen intervention and the developing US-Japan monetary alliance, and why Kevin Warsh lowering front-end rates is the only lever left. He closes on gold's run to $5,500 and the rising correlation between bitcoin and gold.
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
Timestamps:
00:00 bitcoin up 22% and nearly $80,000
02:18 What to watch on the bitcoin chart
04:11 The trend line from the FTX lows to the ETF launch
06:30 Why bitcoin's returns come in concentrated bursts
08:33 The last peek at doom before the takeoff
10:34 Bullish divergence and what drove the move
12:20 The currency war and the Eurodollar unwind
14:11 Gold and bitcoin bottoming on the same day
16:01 Gold's run to $5,500 and the monetary inflation thesis
18:14 Why Warsh has to lower front-end rates
20:15 What TBL liquidity tracks
22:20 The rising bitcoin-gold correlation
📊 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
