{
  "title": "Passive Absorption in Compression (BTC) — June 25, 2026",
  "waterfall_summary": "The market was predominantly in an **[Absorption](https://thru.capital/ontology#absorption-the-wall)** regime (60937 blocks), indicating sustained passive buying. A significant portion also exhibited **[Compression](https://thru.capital/ontology#compression-coiling)** (8287 blocks), suggesting liquidity engineering. Minor instances of **[Expansion](https://thru.capital/ontology#expansion-discovery)** (267 blocks) and **[Exhaustion](https://thru.capital/ontology#exhaustion-the-fade)** (139 blocks) were observed, with negligible **[Indeterminate](https://thru.capital/ontology#indeterminate-ambiguous)** states (10 blocks). **CME_BTC_VOL** registered 45.2, indicating moderate institutional volatility. The prevalence of Absorption suggests structural stability from passive bids, despite localized deleveraging events.\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **OkxSpot BTC-USDT** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 37s ago | 0.8000 | [vpin](https://thru.capital/ontology#vpin): 0.9770 |\n| **Deribit BTC-10JUL26** | Passive Absorption | 3 minutes ago | 0.8000 | efficiency_ratio: 0.00 |\n| **Bybit BTCPERP** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 4 minutes ago | 0.7000 | oi_velocity: -65.18 |\n| **OkxInverse BTC-USD** | Liquidation Cascade | 14 minutes ago | 0.7000 | oi_velocity: -54.66 |\n| **BybitInverse BTCUSD** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 38s ago | 0.7500 | oi_velocity: -10.80 |\n| **BinanceCoinM BTCUSD_PERP** | Momentum Exhaustion | 13 minutes ago | 0.7500 | oi_velocity: -10.02 |\n\nThe aggregate structural events indicate a dominant theme of passive absorption across spot and derivatives venues, notably on **OkxSpot BTC-USDT** and **Deribit BTC-10JUL26**. Concurrently, localized deleveraging was observed via [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) on **Bybit BTCPERP** and **OkxInverse BTC-USD**, alongside momentum exhaustion on **BybitInverse BTCUSD** and **BinanceCoinM BTCUSD_PERP**, suggesting fuel depletion within these structural blocks.\n\nVerified Execution & Macro Proofs:\n* **(See Verified Execution below)**\n* **(See Verified Execution below)**\n\n## Verified Execution & Macro Proofs\n\n• 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))\n• [45.20 bps (Source Date: 2026-06-24)](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 exhibited significant divergences, with **Bybit Linear** (Bybit BTCUSDT) showing [elevated](https://thru.capital/ontology#elevated-leverage) positive funding (+2.15 Z-score) and **Binance Futures** (BinanceCoinM BTCUSD_PERP) recording substantial negative funding (-1.93 Z-score). This cross-venue disparity indicates [crowded](https://thru.capital/ontology#crowded-leverage) short positioning on **Binance Futures** and speculative long interest on **Bybit Linear**. The negative funding on BinanceCoinM BTCUSD_PERP creates a vulnerability for a short squeeze, while declining [OI velocity](https://thru.capital/ontology#derivatives-reflexivity) on **OkxLinear BTC-USDT** (-14.64 BPS) suggests reduced open interest, mitigating broader [long squeeze](https://thru.capital/ontology#derivatives-reflexivity) risks despite localized [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) on **Bybit BTCPERP** (OI velocity -65.18 BPS).Verified Execution & Macro Proofs:\n* **(See Verified Execution below)**\n\n## Verified Execution & Macro Proofs\n\n• baseline risk-free levels\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 evident through a dominant [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, with venue consensus ranging from 84% to 98% across various instruments, indicating consistent institutional bid-side liquidity absorbing aggressive selling pressure. Orderbook imbalances were characterized by these passive bids, preventing significant price decay. [CVD](https://thru.capital/ontology#cvd) divergences were observed on **Binance Futures** (BinanceCoinM BTCUSD_PERP) at 0.5197 and on **Bybit Linear** (Bybit BTCPERP) at 0.9179 during [momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion) events, signaling a disconnect between price action and cumulative volume delta.",
  "date": "2026-06-25",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1782431781837433300,
      "date_str": "2026-06-25",
      "url": "https://thru.capital/microstructure/btc/2026-06-25",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.36999961,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.011896133422851562,
      "timestamp_ns": 1782048976850671900,
      "date_str": "2026-06-21",
      "url": "https://thru.capital/microstructure/btc/2026-06-21",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.38614446,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.02141571044921875,
      "timestamp_ns": 1782189078030030800,
      "date_str": "2026-06-23",
      "url": "https://thru.capital/microstructure/btc/2026-06-23",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.37503021,
      "oi_velocity": 0
    }
  ]
}