{
  "title": "Passive Absorption in Compression (BTC) — July 04, 2026",
  "waterfall_summary": "The market maintained a dominant [Absorption](https://thru.capital/ontology#absorption-the-wall) regime with 86-94% venue consensus, indicating a structural bid environment. Despite this stability, multiple [failed expansion](https://thru.capital/ontology#failed-expansion) attempts on **[Deribit]** Perpetuals and **[Hyperliquid BTC]** suggest rejected breakout attempts and limited sustained directional volatility. The prevalence of Absorption events, alongside [momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion) on **[OkxInverse BTC-USD]** and **[Bybit BTCPERP]**, confirms a [Compression](https://thru.capital/ontology#compression-coiling) state where aggressive moves are being faded into passive liquidity.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)",
  "radar_summary": "Funding divergence reached +2.28 Z on **[Bybit BTCPERP]** and +1.52 Z on **[BybitInverse BTCUSD]**, indicating localized speculative long interest. This elevated funding, coupled with declining OI velocity on **[Deribit BTC-PERPETUAL]** (-27.63 BPS) and **[BinanceCoinM BTCUSD_PERP]** (-6.92 BPS), suggests crowded long positions in specific venues. A [liquidation cascade](https://thru.capital/ontology#liquidation-cascade) on **[Hyperliquid BTC]** with -54.24 [OI velocity](https://thru.capital/ontology#derivatives-reflexivity) highlights immediate deleveraging risk, creating vulnerability for a funding-driven flush.Verified Execution & Macro Proofs:- **(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": "[Passive absorption](https://thru.capital/ontology#passive-absorption) was detected across multiple **[Deribit]** instruments, **[CoinbaseSpot BTC-USD]**, **[BybitSpot BTCUSDT]**, **[OkxLinear BTC-USDT]**, and **[Hyperliquid BTC]**, indicating structural bids absorbing aggressive selling pressure. This passive liquidity formed significant walls, maintaining price stability. However, momentum exhaustion on **[OkxInverse BTC-USD]**, **[Hyperliquid BTC]** and **[Bybit BTCPERP]** suggests depleted aggressive buying into these walls, indicating a divergence between passive demand and active supply.  | Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric ||:-----------------|:-----------|:-----------|:-----------|:-----------|| **[Deribit BTC-17JUL26]** | Passive Absorption | 2 minutes ago | 0.8000 | vpin: 1.00 || **[Deribit BTC_USDC-PERPETUAL]** | Momentum Exhaustion | 6 minutes ago | 0.7500 | oi_velocity: -10000.0 BPS || **[Deribit BTC-10JUL26]** | Passive Absorption | 7 minutes ago | 0.8000 | vpin: 1.00 || **[Hyperliquid BTC]** | Failed Expansion | 8 minutes ago | 0.6000 | duration_bars: 1.00 || **[Deribit BTC-PERPETUAL]** | Failed Expansion | 13 minutes ago | 0.6000 | duration_bars: 1.00 || **[OkxInverse BTC-USD]** | Failed Expansion | 16 minutes ago | 0.6000 | duration_bars: 1.00 || **[Hyperliquid BTC]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 96 minutes ago | 0.7000 | oi_velocity: -54.24 |Verified Execution & Macro Proofs:- **(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)*",
  "date": "2026-07-04",
  "historical_clusters": [
    {
      "distance_score": 0.0000019073486328125,
      "timestamp_ns": 1783209389334780200,
      "date_str": "2026-07-04",
      "url": "https://thru.capital/microstructure/btc/2026-07-04",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.1492419,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.21369552612304688,
      "timestamp_ns": 1781664971052546300,
      "date_str": "2026-06-17",
      "url": "https://thru.capital/microstructure/btc/2026-06-17",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.08602566,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.23509597778320312,
      "timestamp_ns": 1782789083126359000,
      "date_str": "2026-06-30",
      "url": "https://thru.capital/microstructure/btc/2026-06-30",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.13254695,
      "oi_velocity": 0
    }
  ]
}