Market sentiment is weak, volatility is elevated, and capital has nowhere to hide. In this episode, Adrian Morris explains why sentiment drives all markets, how it shapes bitcoin’s price, and what it takes to navigate and withstand the current environment.Read Adrian's research report here: https://tnorth.com/research/sentiment-as-substrate/Timestamps:

00:00 Introduction

00:33 Welcoming Adrian

01:08 Current market conditions and volatility

03:31 Energy, macro pressure, and bitcoin outlook

04:04 Why markets are driven by sentiment

07:54 mNAV, valuation, and sentiment shifts

13:50 The most controversial idea in the paper

15:37 Is valuation ever objective?

20:17 Bitcoin narratives vs market reality

20:35 Traditional finance misses the “first cause”

24:55 Do fundamentals matter or not?

28:46 The “blind ledger” thought experiment

31:23 Warren Buffett and valuation frameworks

34:54 What is reflexivity in markets?

36:46 Leverage, volatility, and bitcoin

39:00 Paper bitcoin and market structure

42:30 Fixed supply and bitcoin valuation

46:15 Efficient market hypothesis critique

49:45 Are free markets truly efficient?

52:13 Why most investors underperform

55:41 Passive investing and market risk

59:32 Digital credit and market perception

1:03:23 Final thoughts on sentiment and pricing

1:04:49 Weathering volatility as an investor