In this episode, Nik breaks down dramatic political developments in Japan, including a snap election, currency intervention, and the U.S.-Japan effort to defend the yen, and explains why these moves matter for global liquidity and Bitcoin. He walks through Bitcoin’s drawdown using on-chain metrics like realized price and MVRV, shows why rising volatility and elevated stock correlations point to a macro driven move, and ties Japan’s bond market stress, dollar weakness, and FX intervention directly into TBL Liquidity, framing Bitcoin’s price action as part of a broader system level liquidity shift rather than an isolated market failure.

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Nik Bhatia's Twitter: https://twitter.com/timevalueofbtc
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB

The Bitcoin Layer and its guests do not provide investment advice.