{
  "title": "Passive Absorption in Absorption (BTC) — June 29, 2026",
  "waterfall_summary": "The market predominantly operated within an [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, evidenced by 63,493 state blocks and 243 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption), indicating structural stability against aggressive flow. Despite this, 122 [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) and 72 [momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion) events across various venues introduced localized volatility and deleveraging pressure. The low count of [Expansion](https://thru.capital/ontology#expansion-discovery) (201 blocks) and [Failed Expansion](https://thru.capital/ontology#failed-expansion) (31 events) suggests a market largely contained by passive liquidity rather than undergoing sustained directional shifts.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Funding rates exhibited significant divergence, with **Bybit BTCPERP** showing +2.56 Z and **Deribit BTC_USDC-PERPETUAL** recording +2.29 Z, indicating localized speculative pressure. Despite a predominantly [clean leverage](https://thru.capital/ontology#clean-leverage) state across the market, pockets of [elevated leverage](https://thru.capital/ontology#elevated-leverage) were observed on **OkxInverse BTC-USD**, **Deribit BTC_USDC-PERPETUAL**, and **OkxLinear BTC-USDT**, with **Bybit BTCPERP** specifically classified as [crowded](https://thru.capital/ontology#crowded-leverage). Multiple [liquidation cascades](https://thru.capital/ontology#liquidation-cascade), notably on **BybitInverse BTCUSD** and **Bybit BTCUSDT**, alongside [momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion), confirmed active deleveraging and heightened [long squeeze](https://thru.capital/ontology#derivatives-reflexivity) risks throughout the day. L2 structural events included: **BybitInverse BTCUSD** experienced a [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) (Intraday, 0.7000 confidence, [OI Velocity](https://thru.capital/ontology#derivatives-reflexivity): -27.05) and Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) (Intraday, 0.7500 confidence, OI Velocity: -27.05). Additionally, **Bybit BTCUSDT** recorded a Liquidation Cascade (Intraday, 0.7000 confidence, OI Velocity: -30.27). 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)*",
  "cvd_summary": "[Passive absorption](https://thru.capital/ontology#passive-absorption) was the dominant structural event, with 243 instances and 189.2 confidence, indicating significant passive liquidity walls absorbing aggressive selling across multiple venues. This [absorption](https://thru.capital/ontology#absorption-the-wall) was observed on **Deribit** instruments and **BybitInverse BTCUSD**, where reactive flow was met by institutional bids. Despite the prevailing absorption, localized [momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion) on **BybitInverse BTCUSD** suggests declining fuel from derivatives.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-06-29",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1782777383675281200,
      "date_str": "2026-06-29",
      "url": "https://thru.capital/microstructure/btc/2026-06-29",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.28078185,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.011450767517089844,
      "timestamp_ns": 1781835670815379000,
      "date_str": "2026-06-19",
      "url": "https://thru.capital/microstructure/btc/2026-06-19",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.26654955,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.014484405517578125,
      "timestamp_ns": 1782619202400710100,
      "date_str": "2026-06-28",
      "url": "https://thru.capital/microstructure/btc/2026-06-28",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.28230629,
      "oi_velocity": 0
    }
  ]
}