{
  "title": "Passive Absorption in BTC — June 22, 2026",
  "waterfall_summary": "The market was predominantly characterized by a [Passive Absorption](https://thru.capital/ontology#passive-absorption) regime (57204 blocks), indicating robust underlying demand absorbing aggressive taker volume. Despite this structural stability, significant portions of the market remained in an [Indeterminate](https://thru.capital/ontology#indeterminate-ambiguous) state (8656 blocks), reflecting low-conviction chop. Localized [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) (166 blocks) and [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) (198 blocks) were observed, suggesting deleveraging events being met by the passive bid, while volatility expectations remained at [45.20 bps (Source Date: 2026-06-23)](https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.html).\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Funding trajectories presented a mixed picture, with some instruments showing significant negative funding (e.g., Bybit BTCPERP at -4.69 Z) indicative of aggressive short positioning, while others maintained [elevated](https://thru.capital/ontology#elevated-leverage) positive funding despite contracting Open Interest. Overall leverage was classified as [Clean](https://thru.capital/ontology#clean-leverage), yet pockets of Elevated or [Extreme leverage](https://thru.capital/ontology#extreme-leverage) persisted on specific inverse futures, leading to localized [liquidation cascades](https://thru.capital/ontology#liquidation-cascade). Substantial fiat inflows totaling 420,000,000 USDT ([220,000,000 USDT on Ethereum](https://etherscan.io/tx/0x6f257356f4d8bc030c6200318b84373e9c9e24065971cf6d9e0865480616f925), [100,000,000 USDT on Ethereum](https://etherscan.io/tx/0x00440492fef809c4e36e7f972d5ce15ab7760d322d53341fa9b3953d2ec96fbf), [100,000,000 USDT on Ethereum](https://etherscan.io/tx/0x0c66d50a3ac9e7e40eda0b5149bdc2271fe51552560364e860a6d4ddf22cfa3d)) were detected, potentially influencing future liquidity dynamics.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "cvd_summary": "Passive liquidity walls were a defining feature, with widespread [Absorption](https://thru.capital/ontology#absorption-the-wall) indicating institutional bids absorbing aggressive selling pressure. Orderbook imbalances were evident as these walls contained price movements, despite localized [liquidation cascades](https://thru.capital/ontology#liquidation-cascade). [CVD](https://thru.capital/ontology#cvd) divergences, such as those observed during [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) events (e.g., 0.6342), highlighted a lack of follow-through on price movements and declining participation, reinforcing the range-bound nature of the market.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-06-22",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1782172576736096500,
      "date_str": "2026-06-22",
      "url": "https://thru.capital/microstructure/btc/2026-06-22",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.53311121,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.014467386528849602,
      "timestamp_ns": 1781571601689714700,
      "date_str": "2026-06-16",
      "url": "https://thru.capital/microstructure/btc/2026-06-16",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.54392513,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.03220556303858757,
      "timestamp_ns": 1781896574498321700,
      "date_str": "2026-06-19",
      "url": "https://thru.capital/microstructure/btc/2026-06-19",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.53806509,
      "oi_velocity": 0
    }
  ]
}