{
  "title": "Passive Absorption (BTC) — July 01, 2026",
  "waterfall_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **[OkxInverse BTC-USD]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | [2026-07-01 10:30 UTC](https://thru.capital/microstructure/btc/2026-07-01#10-30) | 0.8000 | efficiency_ratio: 0.1389, [vpin](https://thru.capital/ontology#vpin): 0.7520 |\n| **[Hyperliquid BTC]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | [2026-07-01 11:15 UTC](https://thru.capital/microstructure/btc/2026-07-01#11-15) | 0.6510 | N/A |\n| **[Bybit BTCPERP]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | [2026-07-01 12:00 UTC](https://thru.capital/microstructure/btc/2026-07-01#12-00) | 0.7500 | efficiency_ratio: 0.3633, oi_velocity: -46.37 |\n| **[Deribit BTC-PERPETUAL]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | [2026-07-01 13:45 UTC](https://thru.capital/microstructure/btc/2026-07-01#13-45) | 0.8000 | duration: 1 bar, exit: [Absorption](https://thru.capital/ontology#absorption-the-wall) |\nThe market maintained a dominant Absorption regime, accounting for 65478 state blocks, indicating persistent passive buying interest. Localized volatility was observed with 93 [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade), notably on **[Hyperliquid BTC]**, alongside 52 instances of Momentum Exhaustion and 23 Failed Expansion attempts across various venues. The **[CME_BTC_VOL]** registered 45.2 on 2026-06-24, reflecting institutional hedging activity. Historical analogs from [2026-07-01 00:00 UTC](https://thru.capital/microstructure/btc/2026-07-01#00-00), [2026-06-20 00:00 UTC](https://thru.capital/microstructure/btc/2026-06-20#00-00), and [2026-06-13 00:00 UTC](https://thru.capital/microstructure/btc/2026-06-13#00-00) indicate prior Compression regimes with [efficiency ratios](https://thru.capital/ontology#delta-efficiency) around 0.34.Verified Execution & Macro Proofs:- **(See Verified Execution below)**\n\n## Verified Execution & Macro Proofs\n\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 across venues, with **[Deribit BTC_USDC-PERPETUAL]** recording +2.15 Z and **[OkxLinear BTC-USDT]** at +1.90 Z, indicating crowded long positioning. Conversely, **[BybitInverse BTCUSD]** showed a -1.84 Z divergence, suggesting short-side crowdedness. These imbalances create conditions for potential long or short squeezes, particularly if the dominant [absorption](https://thru.capital/ontology#absorption-the-wall) regime fails to resolve the directional pressure. Recent **[Ethereum]** treasury inflows totaling 420,000,000 USDT further contribute to overall market liquidity.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• baseline risk-free levels",
  "cvd_summary": "Passive liquidity walls were prominent, with 295 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) detected, demonstrating significant orderbook depth absorbing aggressive selling pressure. [CVD](https://thru.capital/ontology#cvd) divergences were observed in conjunction with [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) events on **[Bybit BTCPERP]** (0.5936) and **[BinanceCoinM BTCUSD_PERP]** (0.9096), indicating a depletion of buying momentum despite the overall [absorption](https://thru.capital/ontology#absorption-the-wall). This suggests a structural imbalance where passive bids are holding price, but aggressive buying is fading.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-01",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1782950187569432000,
      "date_str": "2026-07-01",
      "url": "https://thru.capital/microstructure/btc/2026-07-01",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.33697053,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.006791591644287109,
      "timestamp_ns": 1781941273112923100,
      "date_str": "2026-06-20",
      "url": "https://thru.capital/microstructure/btc/2026-06-20",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.34321771,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.027985095977783203,
      "timestamp_ns": 1781373069113651500,
      "date_str": "2026-06-13",
      "url": "https://thru.capital/microstructure/btc/2026-06-13",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.34574215,
      "oi_velocity": 0
    }
  ]
}