Uploaded April 2025 | Updated September 2026, 1 week ago
In this episode, Nik Bhatia is joined by Demian Schatt to examine why the US Treasury market is fundamentally strengthening despite recent volatility. Nik explains key concepts including SLR reform, Treasury buybacks of off-the-run securities, and current repo market dynamics that are supporting market stability. The conversation also explores how deregulation and fiscal discipline will be crucial for long-term Treasury strength and economic growth.
Matt Pines Episode: youtube.com/watch?v=eTotxDkCvyY
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⛓️ ₿lock Height 892754
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Nik Bhatia's Twitter: twitter.com/timevalueofbtc
Creative Director Matthew Ball's Twitter: twitter.com/matthewrball
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
❗ The Bitcoin Layer and its guests do not provide investment advice.
Chapters:
00:00:00 Market Insights with Nik Bhatia
00:05:57 Current Issues in the Treasury Market
00:11:34 Understanding the Role of Treasuries in Banking Liquidity
00:17:08 Understanding Treasury Securities: On-the-Run vs. Off-the-Run
00:23:13 Understanding Bond Liquidity in the Repo Market
00:28:30 Understanding Budget Neutrality and Debt Neutrality
00:33:44 Understanding Repo Markets and Interest Rates
00:38:58 Budget Deficit Reduction Goals
00:44:42 Impact of Oil Prices on the Economy
In this episode, Nik Bhatia is joined by Demian Schatt to examine why the US Treasury market is fundamentally strengthening despite recent volatility. Nik explains key concepts including SLR reform, Treasury buybacks of off-the-run securities, and current repo market dynamics that are supporting market stability. The conversation also explores how deregulation and fiscal discipline will be crucial for long-term Treasury strength and economic growth.
Matt Pines Episode: youtube.com/watch?v=eTotxDkCvyY
📚 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 thebitcoinlayer.com/unchained and use code TBL for $100 off when you create an account.
🔨 Try Stamp Seed, a DIY kit that enables you to hammer your seed words into a durable plate of titanium using professional stamping tools. Take 15% off with code TBL. Get your Stamp Seed today! stampseed.com/shop/titanium-seed-phrase-storage-kits.html?utm_source=substack&utm_medium=email
▶️ 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 892754
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: twitter.com/timevalueofbtc
Creative Director Matthew Ball's Twitter: twitter.com/matthewrball
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
❗ The Bitcoin Layer and its guests do not provide investment advice.
Chapters:
00:00:00 Market Insights with Nik Bhatia
00:05:57 Current Issues in the Treasury Market
00:11:34 Understanding the Role of Treasuries in Banking Liquidity
00:17:08 Understanding Treasury Securities: On-the-Run vs. Off-the-Run
00:23:13 Understanding Bond Liquidity in the Repo Market
00:28:30 Understanding Budget Neutrality and Debt Neutrality
00:33:44 Understanding Repo Markets and Interest Rates
00:38:58 Budget Deficit Reduction Goals
00:44:42 Impact of Oil Prices on the Economy
