In this episode, Nik Bhatia breaks down the macroeconomic forces driving Bitcoin above $116,000, including a broad decline in interest rates, softening U.S. labor market data, and rising expectations for Fed rate cuts. He walks through updated CPI figures, ISM services and manufacturing signals, and why the Fed is likely to cut another 75bps even without a formal recession. Nik also examines the Treasury yield curve’s parallel shift, bond market dynamics, and the strategic reliance on Treasury bills. The discussion turns to gold’s breakout and global monetary shifts, including China and Russia’s move away from the U.S. dollar. The episode wraps with MVRV signals and what current realized price data tells us about Bitcoin’s bull market trajectory.