In this episode, Nik breaks down why US Treasury interest expense has become the most important story in finance, how lower rates are now a mathematical necessity for the United States, and why bond volatility remains the primary driver of Bitcoin’s price. He explains the pressure inside the repo market, the role of Japanese yields in recent volatility, the dollar’s evolving relationship with China, and how Bitcoin is holding its two year trend despite sharp macro turbulence. Nik also details why the Fed will eventually need to expand its balance sheet, how liquidity flows are shifting across global markets, and what this all signals for Bitcoin as it consolidates above $90,000.