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Bitcoin and global macro research firm.

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Latest Issues

Grinding At The Bottom

The three events that are causing fear in bitcoin right now

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3 days ago
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TBL Liquidity Signal, Bitcoin Unchanged Trailing Six Months AND Two Years

ESSENTIAL TBL Liquidity update. If you're still long bitcoin here, you just might be rewarded for your patience. At least if history is our guide.

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5 days ago
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TBL Weekly #180: US Treasury & The Fed, Labor Market, and Liquidity


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Dear Readers,

Before we get into our latest TBL Liquidity analysis at the end of this article, let’s start with what hap...

7 days ago
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Scar Tissue

In this post, Johan shares a video collaboration with TBL Friend Pascal Hügli, while also sharing his latest thoughts on bitcoin

A five-year-old firmware bug rattled a core pillar of bitcoin, and price barely blinked

10 days ago
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Global Macro Update: The Story of the Year For Markets

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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

    The Bitcoin Layer - Research & Market Analyst

  • Johan Bergman

    Bitcoin | Financial Markets | Corporate Finance

  • Demian Schatt

    Bitcoin & Macro

  • Less Noise More Signal

    I’m Pascal Hügli. With a background in political philosophy, a career in investment management, and a deep expertise in Bitcoin and digital assets, I made it my mission to cut through the noise by amplifying the signal.

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