{"podcast":{"title":"The Bitcoin Layer","slug":"the-bitcoin-layer-7070444","podcast_index_feed_id":7070444,"rss_url":"https://feeds.simplecast.com/Y2219Riv","website_url":"https://mysoundwise.com/soundcasts/1665708396190s","image_url":"https://image.simplecastcdn.com/images/31efc846-0793-410a-9634-9cbb9ab441fd/a42dcdab-5758-48ca-b40a-791279675300/3000x3000/b_black_500x500.jpg?aid=rss_feed","author":"The Bitcoin Layer","episode_count":285,"summary":"The Bitcoin Layer is a premium markets research provider, covering bitcoin through a global macro lens | Research, Analysis, & Education Featuring Nik Bhatia, author of the #1 Amazon bestseller Layered Money and USC Marshall School of Business professor. Subscribe to our research publication and YouTube channel to learn about global macroeconomics, bitcoin, Lightning Network, the monetary and financial system, the Federal Reserve, interest rates, and geopolitics. Most importantly, develop a framework for understanding global markets—connect the dots between economic and financial concepts to see the bigger picture. Look no further for your bitcoin and macro education!","last_synced_at":"2026-07-31T20:19:22.621040+00:00","page_url":"https://stenobird.com/podcast/the-bitcoin-layer-7070444"},"episode":{"title":"Japan’s Historic Election, Yen Defense, & Why Bitcoin Is Still a Liquidity Trade","slug":"japan-s-historic-election-yen-defense-why-bitcoin-is-still-a-liquidity-trade","published_at":"2026-02-09T20:33:10+00:00","page_url":"https://stenobird.com/podcast/the-bitcoin-layer-7070444/japan-s-historic-election-yen-defense-why-bitcoin-is-still-a-liquidity-trade","show_page_url":"https://stenobird.com/podcast/the-bitcoin-layer-7070444","url":"https://youtu.be/AXKL48mnU0E","audio_url":"https://cdn.simplecast.com/audio/93f29295-b98b-46ce-9822-223c512497e8/episodes/6bf327b4-b8f4-4660-bf0a-ef8e69e85dcf/audio/8bea9c31-32c4-467a-8558-7c1a36614826/default_tc.mp3?aid=rss_feed&feed=Y2219Riv","summary":"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.","meta_description":"In this episode, Nik breaks down dramatic political developments in Japan, including a snap election, currency intervention, and the U.S.-Japan effort to…","key_points":[],"chapters":[],"topics":[],"duration_seconds":1938,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-bitcoin-layer-7070444/episodes/japan-s-historic-election-yen-defense-why-bitcoin-is-still-a-liquidity-trade/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-bitcoin-layer-7070444/japan-s-historic-election-yen-defense-why-bitcoin-is-still-a-liquidity-trade.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}