{
  "title": "Passive Absorption in Absorption (BTC) — June 30, 2026",
  "waterfall_summary": "The market predominantly operated within an [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, accounting for 64352 state blocks, indicating sustained passive buying against selling pressure. Despite this, multiple [failed expansion](https://thru.capital/ontology#failed-expansion) attempts were recorded across **[Bybit]**, **[Binance]**, **[Okx]**, **[Deribit]**, and **[Hyperliquid]** derivatives, signaling rejected breakout attempts and limited directional conviction. While **[BinanceCoinM BTCUSD_PERP]** and **[Deribit BTC-PERPETUAL]** exhibited Compression with positive OI velocity, a significant number of venues remained [Indeterminate](https://thru.capital/ontology#indeterminate-ambiguous), reflecting fragmented structural stability.\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)",
  "radar_summary": "Significant negative funding divergences were recorded on **[Bybit BTCUSDT]** and **[Bybit BTCPERP]**, with Z-scores reaching -4.28, indicating substantial short-side pressure and hedging activity. Localized [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) were observed on **[Binance BTCUSDC]** ([OI velocity](https://thru.capital/ontology#derivatives-reflexivity) -23.62) and **[BybitInverse BTCUSD]**, suggesting forced deleveraging in specific instruments. Despite these concentrated short positions and deleveraging events, the overall leverage across all venues remained **[Clean](https://thru.capital/ontology#clean-leverage)**, mitigating systemic long/short squeeze risks.\n\nVerified 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": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **Deribit BTC-28AUG26** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | Recent (9 min ago) | 0.8000 | efficiency_ratio: 0.00, [vpin](https://thru.capital/ontology#vpin): 1.00 |\n| **Bybit BTCPERP** | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | Recent (14 min ago) | 0.8000 | efficiency_ratio: 0.0181, [vpin](https://thru.capital/ontology#vpin): 0.9210 |\n| **Deribit BTC-PERPETUAL** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | Recent (14 min ago) | 0.7500 | oi_velocity: -16.99, cvd_divergence: 0.6603 |\n| **Binance BTCUSDC** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | Recent (20 min ago) | 0.7000 | oi_velocity: -23.62 |\n\nPassive liquidity walls were predominantly observed across **[Deribit]** futures and **[Bybit Linear]** perpetuals, with multiple instances of Passive Absorption indicating institutional buying into aggressive selling pressure. Concurrently, Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) on **[Deribit BTC-PERPETUAL]** and **[BybitInverse BTCUSD]** suggests that this absorption may be occurring as existing long positions are unwound, rather than new aggressive buying, leading to localized fuel depletion. While explicit [CVD](https://thru.capital/ontology#cvd) divergence metrics were not universally severe, the interplay of passive absorption and momentum exhaustion indicates orderbook imbalances favoring passive bids absorbing aggressive market sell orders.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-06-30",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1782863784970676700,
      "date_str": "2026-06-30",
      "url": "https://thru.capital/microstructure/btc/2026-06-30",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.01168671,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.06453800201416016,
      "timestamp_ns": 1782032474852464000,
      "date_str": "2026-06-21",
      "url": "https://thru.capital/microstructure/btc/2026-06-21",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.01067329,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.17776870727539062,
      "timestamp_ns": 1782809483658584300,
      "date_str": "2026-06-30",
      "url": "https://thru.capital/microstructure/btc/2026-06-30",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.00525813,
      "oi_velocity": 0
    }
  ]
}