{"podcast":{"title":"Less Noise, More Signal","slug":"less-noise-more-signal-7015424","podcast_index_feed_id":7015424,"rss_url":"https://feeds.fountain.fm/Tkp8ve9N2p86ZGOVfvrw","website_url":"http://www.lessnoise-moresignal.com","image_url":"https://feeds.fountain.fm/Tkp8ve9N2p86ZGOVfvrw/files/COVER_ART---DEFAULT---432e0179-9b61-4c8d-9e34-6325f646bf05.jpg","author":"Less Noise, More Signal","episode_count":135,"summary":"Welcome to Less Noise, More Signal. In a world saturated with news, hype, and endless chatter, finding clarity can seem like searching for a needle in a haystack. I’ve taken on this challenge and made it my mission to cut through the noise by amplifying the signal. Who am I? I’m Pascal Hügli. With a background in political philosophy, a career in investment management, and a deep expertise in Bitcoin and digital assets, I’m here to explore the ideas and connections that others do not bother to see. It’s not just about finding the right answers; it’s about asking the right questions. In each episode, I interview the most insightful thinkers in their respective fields. Every guest contributes a vital piece to the puzzle, helping us form a clearer picture of the forces shaping our world of macro, finance, and money. Listen in as my guests and I tilt the balance from noise to signal, one podcast episode at a time. Ready to elevate your understanding? Let’s dive in.","last_synced_at":"2026-06-18T06:17:33.404992+00:00","page_url":"https://stenobird.com/podcast/less-noise-more-signal-7015424"},"episode":{"title":"The Hidden Market Structure Behind Bitcoin","slug":"the-hidden-market-structure-behind-bitcoin","published_at":"2026-04-23T16:00:28+00:00","page_url":"https://stenobird.com/podcast/less-noise-more-signal-7015424/the-hidden-market-structure-behind-bitcoin","show_page_url":"https://stenobird.com/podcast/less-noise-more-signal-7015424","url":"https://feeds.fountain.fm/Tkp8ve9N2p86ZGOVfvrw/items/oon1hAJZz6ASJcLb0z3W/files/VIDEO---DEFAULT---91555084-e4ca-4d05-9096-8c3a0eef9a92.mp4/ORIGINAL.mp3","audio_url":"https://feeds.fountain.fm/Tkp8ve9N2p86ZGOVfvrw/items/oon1hAJZz6ASJcLb0z3W/files/VIDEO---DEFAULT---91555084-e4ca-4d05-9096-8c3a0eef9a92.mp4/ORIGINAL.mp3","summary":"▬▬▬ 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 --- Disclaime…","meta_description":"▬▬▬ DISCUSSION ▬▬▬▬▬▬▬▬▬▬ 💬Join the discussion on Telegram: https://t.me/+OgDv1Djbvs80M2Fk ▬▬▬ EPISODE ▬▬▬▬▬▬▬▬▬▬ In this in-depth interview, David Lawant…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3456,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/less-noise-more-signal-7015424/episodes/the-hidden-market-structure-behind-bitcoin/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/less-noise-more-signal-7015424/the-hidden-market-structure-behind-bitcoin.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}