The Hidden Market Structure Behind Bitcoin

▬▬▬ DISCUSSION ▬▬▬▬▬▬▬▬▬▬ 💬Join the discussion on Telegram: https://t.me/+OgDv1Djbvs80M2Fk ▬▬▬ EPISODE ▬▬▬▬▬▬▬▬▬▬ In this in-depth interview, David Lawant, head of research at Anchorage Digital, shares his insights on Bitcoin market structure, price formation, and the role of institutional players. Discover how order books, arbitrage, and market regimes influence Bitcoin's price and liquidity. Follow David Lawant 👉 https://x.com/dlawant ▬▬▬ SUPPORT ▬▬▬▬▬▬▬▬▬▬ ⚡️LNMS on Lightning: lnms@ln.mtpelerin.com ₿ BTC-Address: bc1qmk7gfdnrdegnmnrtnacj6rslan0y6v29kdlf9p 💵https://buy.stripe.com/9B600k5Tscv33Ue4zRdby00 Twint: https://go.twint.ch/1/e/tw?tw=acq.Z7L1opJwS72nbGgEMY4w3ILkf67JAEyEFmXrtoKoUbONWSsjLDDQIhNx5ReanPy7. ▬▬▬ LINKS ▬▬▬▬▬▬▬▬▬▬ 📰 LNMS Newsletter: https://lessnoisemoresignal.substack.com/ 🎧 LNMS on Apple: https://tinyurl.com/4apksnyn 🎧 LNMS on Spotify: https://tinyurl.com/ttha8kku 🎧 LNMS on Rumble: https://tinyurl.com/4k96c7tw 🎧 LNMS on Fountain: https://tinyurl.com/5dsbbj5p 🌐 LNMS Website: https://www.lessnoise-moresignal.com/ 📖 Bitcoin Book: https://www.amazon.de/dp/1967693013 🎧 LNMS on YouTube: https://tinyurl.com/4jfhr4zn ▬▬▬ SOCIALS ▬▬▬▬▬▬▬▬▬▬ Follow on X👉 https://x.com/pahueg Follow on Nostr 👉 https://primal.net/pascal Follow on LinkedIn 👉 https://www.linkedin.com/in/pascal-huegli/ ▬▬▬ CHAPTERS ▬▬▬▬▬▬▬▬▬▬ 00:00 Intro 01:32 Understanding Bitcoin Price Dynamics 06:11 The Role of Market Makers and Arbitrage 14:41 Spot vs. Futures: What Drives Bitcoin Prices? 19:14 Decoding the Order Book: Insights into Market Liquidity 27:03 Market Signals and Order Book Dynamics 35:13 Understanding OTC Desks and Institutional Demand 42:50 Liquidity Providers and Market Impact 50:36 Current Market Sentiment and Apathy 52:11 The Coinbase Premium and Its Implications --- Disclaimer The publications on this website and in these videos, including any references and links, are provided for information purposes only and do not constitute investment advice, investment analysis, or an offer or recommendation to buy or sell financial instruments. They do not replace investment or other professional advice. The information reflects the state of knowledge at the time of preparation and may be changed at any time without notice. The content is intended for natural persons only. No liability is accepted for the accuracy, completeness, or timeliness of the information provided, its sources, or for any resulting losses or damages. Liability for slight negligence is excluded. Marketing communication. Not investment advice. Investing involves risk. Transactions in Bitcoin may result in the total loss of the capital invested.