In this episode, Nik answers Demian’s questions about what’s driving Bitcoin’s price in 2025, as ETFs, options, and structured products reshape the bull market. With new pipes built for institutional capital to flow into Bitcoin, financialization is transforming how price behaves—suppressing volatility, changing breakout dynamics, and introducing both long and short positioning at scale. Nik breaks down what this means for on-chain signals, how MVRV still reveals conviction, and why Bitcoin may no longer follow the boom-and-bust cycles of the past.

📚 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 896896

⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg

Nik Bhatia's Twitter: https://twitter.com/timevalueofbtc

Creative Director Matthew Ball's Twitter: https://twitter.com/matthewrball

Researcher Demian Schatt's Twitter: https://x.com/demianschatt

Chapters:

00:00:00 The Evolution of Bitcoin Financialization

00:05:30 The Emergence of Liquidity in Bitcoin Markets

00:10:42 The Passive Ownership of Bitcoin in the S&P 500  

00:15:56 Understanding MVRV in Bitcoin Valuation  

00:21:04 Understanding Bitcoin Market Dynamics and Resistance Zones

00:26:12 Analyzing Market Sentiment Through Candlestick Patterns  

00:31:27 Unveiling Bitcoin's Origins and Future Potential

00:36:42 Understanding Bitcoin Price Narratives

00:41:54 Bitcoin's All-Time High and Momentum Trading Strategy

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