Why Stocks Really Crashed Today

In this episode, Nik covers the worst single day of 2026 for stocks, with the Nasdaq down 6.5% and the S&P down 4.6%, and asks whether the midterm results caused it or whether something larger is going on. He shows the Nasdaq slicing through its 200 day moving average and a trend line stretching back to 2022, and why the S&P losing 7630 and its own four year line matters. Nik argues that credit cycles are mostly apolitical and that this has been building for weeks, points to the OpenAI raise getting cut and Anthropic’s IPO odds falling, and explains what a 55 basis point drop in treasury yields is telling him. The Bitcoin Layer and its guests do not provide investment advice.