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Artwork for The Bitcoin Layer

Bitcoin and global macro research firm.

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Substack
PricingFreemiumPublishesDaily
Issues757Founded5 years agoLast Issue4 days ago
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Artwork for The Bitcoin Layer

Latest Issues

Bitcoin Keeps Defending $81,000 While the Derivatives Quietly Weaken

Bitcoin holds support while older coins move and derivatives turn more defensive.

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4 days ago
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Bitcoin Has NEVER Been Down Two Years In A Row

Bitcoin closed 2025 down about 6% for the year. This year, bitcoin is down 4% YTD. Might we see consecutive red years?

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5 days ago
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Bitcoin Rallied Into a Liquidity Headwind and Stalled at $86,000

Dear Readers,

When I joined The Bitcoin Layer two years ago, I knew why I owned bitcoin. What I didn’t understand was why its price moved on things that seemed to have nothing to do with it.

What I learned here is that despite what we bel...

8 days ago
15

A Hostile Macro Can't Keep Bitcoin Down

Watch now (55 mins) | An Exclusive Update with Checkonchain. Full video now available directly on Substack as well as the traditional private YouTube link.

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10 days ago
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Bitcoin's Breakout Failed, and a Retest of $75,000 Is Back in Focus

Bitcoin’s breakout falters, while Strategy’s recovery reveals the cost of staying in the game

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11 days ago
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Authors

The writers behind this newsletter.

  • Nik Bhatia

    Founder of The Bitcoin Layer, Author of Layered Money and Bitcoin Age, teaching at USC Marshall School of Business

  • James Check (Checkmatey)

    Ex-civil engineer, turned Bitcoin analyst after falling down the onchain analysis rabbit hole. I am the co-founder of checkonchain, co-author of Cointime Economics, and previously built and led the analyst team at glassnode.

  • Augustine Carrasco

    I write about the US sovereign debt market, covering US Treasuries, fiscal and monetary policy, and money markets. There are only a few people in the world who truly understand this topic.

  • Johan Bergman

    Bitcoin | Financial Markets | Corporate Finance

  • Demian Schatt

    Bitcoin & Macro

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