{
  "title": "Passive Absorption in Expansion (BTC) — June 26, 2026",
  "waterfall_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **[BybitInverse BTCUSD]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 3 minutes ago | 0.8000 | efficiency_ratio: 0.0888 |\n| **[BinanceCoinM BTCUSD_PERP]** | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | 3 minutes ago | 0.8000 | efficiency_ratio: 0.0749 |\n| **[BybitInverse BTCUSD]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 47 minutes ago | 0.7000 | oi_velocity: -38.38 |\n| **[Hyperliquid BTC]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 13 minutes ago | 0.7500 | oi_velocity: -14.01 |\n| **[Deribit BTC-PERPETUAL]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 5 minutes ago | 0.8000 | duration_bars: 1.00 |\nThe market predominantly maintained an **Absorption** regime, accounting for 61517 state blocks, indicating persistent demand. Despite this, 10 instances of Failed [Expansion](https://thru.capital/ontology#expansion-discovery) were detected, notably on **[BinanceCoinM BTCUSD_PERP]** and **[Deribit BTC-PERPETUAL]**, signaling resistance to upward momentum and rejected breakout attempts. Overall structural stability was characterized by this absorption contending with localized volatility, as evidenced by a **[CME_BTC_VOL]** of 45.2 and 128 instances of [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade). Additionally, 8834 state blocks remained **[Indeterminate]**, indicating low-conviction chop across several spot and perpetual venues.Verified Execution & Macro Proofs:- **(See Verified Execution below)**- **(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 negative divergences, notably -5.58 Z on **[BybitInverse BTCUSD]** and -2.24 Z on **[OkxInverse BTC-USD]**, indicating aggressive short positioning. While overall leverage remained **[Clean]**, localized elevated leverage on **[Deribit BTC-PERPETUAL]** (+1.22 Z funding, +34.95 BPS OI velocity) and **[Binance BTCUSDC]** (+55.41 BPS OI velocity) created specific long squeeze vulnerabilities. These divergences, coupled with 128 instances of [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade), suggest a risk of further short squeezes if price action moves against these [crowded](https://thru.capital/ontology#crowded-leverage) positions.Verified Execution & Macro Proofs:- **(See Verified Execution below)**- **(See Verified Execution below)**- **(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• baseline risk-free levels\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)*",
  "cvd_summary": "Passive liquidity walls were the dominant microstructure, with 265 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) detected across venues, indicating a persistent demand floor absorbing aggressive selling. While specific [CVD](https://thru.capital/ontology#cvd) divergences were observed during localized [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) events on **[OkxInverse BTC-USD]** (0.7581) and **[BybitInverse BTCUSD]** (0.6651), the overall market exhibited a strong underlying bid absorbing sell-side pressure.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-06-26",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1782518183246738000,
      "date_str": "2026-06-26",
      "url": "https://thru.capital/microstructure/btc/2026-06-26",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.08681768,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.055675506591796875,
      "timestamp_ns": 1781202601405709000,
      "date_str": "2026-06-11",
      "url": "https://thru.capital/microstructure/btc/2026-06-11",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.07653344,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.19748306274414062,
      "timestamp_ns": 1780929601727577600,
      "date_str": "2026-06-08",
      "url": "https://thru.capital/microstructure/btc/2026-06-08",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.1000217,
      "oi_velocity": 0
    }
  ]
}