Episode

The Liquidity Signal That Called Bitcoin's Drop Is Still Red

Podcast: The Bitcoin Layer
Published: Feb 18, 2026
Duration seconds: 1691
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Summary

In this episode, Nik walks through our TBL proprietary liquidity index, explaining why the red signal flagged in late December and confirmed in January preceded Bitcoin's sharp decline below $70,000. He breaks down the four inputs driving the current liquidity contraction, with focus on dollar volatility and bond stress, the US-Japan currency relationship, and why early-cycle US credit growth remains the structural argument for improving conditions ahead.