In this Global Macro Update, Nik walks through a massive chart pack to help decode today’s volatile macro landscape. Gold is leading the way, outpacing Bitcoin over the past 12 months and signaling a global monetary reset in motion. Nik connects the dots between soaring gold prices, weakening demand for U.S. Treasuries, and a shift away from dollar recycling as trade relationships are restructured. He analyzes Bitcoin’s technical setup, MVRV valuation, and ETF inflows, and explores how rising bond volatility and term premia are draining liquidity. Plus, new insights on the U.S. energy boom, unemployment pressures, and why the Fed may cut rates even as inflation stays tame. Link to Bessent speech: https://www.youtube.com/watch?v=SRCsjVlA0VA&t=1s 📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H 📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm. ▶️ Subscribe and turn on notifications for TBL on YouTube.📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.📱 Follow TBL on X: https://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 http://TheBitcoinLayer.com/merch ⛓️ ₿lock Height 893849 ⚡ Contribute to The Bitcoin Layer via Lightning Network: [email protected] Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt Chapters:00:00:00 Bitcoin and Gold Performance: A 12-Month Overview  00:03:01 Understanding Gold Price Movements in a Global Economy00:05:42 The Importance of Bitcoin's Decentralization00:08:30 Understanding Bitcoin's Realized Price and Investor Behavior00:11:14 Bitcoin Price Drivers and Realized Price  00:13:49 Evolution of Bitcoin Volatility  00:16:36 The Impact of Bitcoin Bounce and Market Liquidity Trends00:19:11 Understanding M2 and Asset Base Relationship  00:22:01 Changing Dynamics in US Treasury Holdings00:24:52 Impact of US Government Spending Cuts on the Economy00:27:42 Impact of Tariffs on Economic Growth and Inflation00:30:18 Inflation Trends and Market Responses00:33:12 Fed's Rate Cut Strategy and Economic Indicators00:35:56 Impact of US Manufacturing Decline  00:38:32 Path to U.S. Fiscal Sustainability  00:41:13 Bitcoin's Growing Share in Global Equities00:44:04 Conclusion and Farewell
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