{
  "title": "Passive Absorption in Compression (BTC) — July 3, 2026",
  "waterfall_summary": "The market predominantly operated within a [Compression](https://thru.capital/ontology#compression-coiling) regime, accounting for 67473 state blocks, indicating structural stability and range-bound price action. Minor shifts into [Expansion](https://thru.capital/ontology#expansion-discovery) (157 blocks) and [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) (102 blocks) were observed but did not sustain, leading to a return to compression or [indeterminate](https://thru.capital/ontology#indeterminate-ambiguous) states. CME_BTC_VOL was recorded at 45.2 on 2026-06-24, providing a recent institutional volatility metric.\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": "Funding trajectories remained stable with minimal open interest velocity, as indicated by an `oi_velocity` of 0.0 across all instruments. The market exhibited low leverage tiers (`leverage_tier: 0`), suggesting reduced crowdedness and limited potential for widespread long or short squeezes. Isolated [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) events (24, 16.8 confidence) were observed, but did not propagate into systemic squeeze conditions.\n\nVerified Execution & Macro Proofs:\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\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "cvd_summary": "Passive liquidity walls demonstrated significant strength, with 261 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) at 202.6 confidence, effectively absorbing aggressive selling pressure across various instruments. Minor orderbook imbalances led to 54 events of [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) (40.5 confidence) and 33 events of [Failed Expansion](https://thru.capital/ontology#failed-expansion) (23.4 confidence), indicating price discovery attempts were met with robust resistance.\n\n| Venue/Instrument | Event Type         | Time (UTC) | Confidence | Key Metric   |\n|------------------|--------------------|------------|------------|--------------|\n| All Instruments  | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | N/A        | 202.6      | 261 events   |\n| All Instruments  | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade)| N/A        | 40.5       | 54 events    |\n| All Instruments  | Failed [Expansion](https://thru.capital/ontology#expansion-discovery)   | N/A        | 23.4       | 33 events    |\n| All Instruments  | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade)| N/A        | 16.8       | 24 events    |\n\nThe aggregate L2 structural events indicate a market characterized by strong defensive liquidity, where attempts at directional momentum were consistently met with absorption or exhaustion. This structural behavior suggests a prevailing equilibrium, with limited sustained price movement despite localized volatility from 24 Liquidation Cascade events.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-03",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1783122988567505700,
      "date_str": "2026-07-03",
      "url": "https://thru.capital/microstructure/btc/2026-07-03",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.19212023,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.004863739013671875,
      "timestamp_ns": 1781317801334942700,
      "date_str": "2026-06-13",
      "url": "https://thru.capital/microstructure/btc/2026-06-13",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.19699185,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.023964881896972656,
      "timestamp_ns": 1781185866709448200,
      "date_str": "2026-06-11",
      "url": "https://thru.capital/microstructure/btc/2026-06-11",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.21336742,
      "oi_velocity": 0
    }
  ]
}