{
  "title": "Passive Absorption in Absorption (BTC) — July 5, 2026",
  "waterfall_summary": "The dominant regime is [Absorption](https://thru.capital/ontology#absorption-the-wall), accounting for 68869 state blocks across all instruments. The market experienced 47 instances of [Failed Expansion](https://thru.capital/ontology#failed-expansion), notably on **[Deribit BTC-PERPETUAL]**, indicating immediate price rejection and a lack of sustained upward momentum. This structural instability, combined with 39 instances of [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) across venues like **[Hyperliquid BTC]** and **[Deribit BTC_USDC-PERPETUAL]**, suggests a prevailing environment of consolidation within the Absorption block.\n\nVerified Execution & Macro Proofs:\n* **(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 trajectories exhibited significant negative divergences, with **[Bybit BTCPERP]** recording a Z-score of -2.99 and **[Binance BTCUSDT]** at -1.56 Z, indicating a crowded short positioning across these venues. While leverage was predominantly Clean, **[Deribit BTC_USDC-PERPETUAL]** showed Elevated leverage with +29.02 BPS OI velocity, and **[Bybit BTCUSDT]** with +37.88 BPS OI velocity, suggesting localized speculative long crowdedness. The combination of negative funding and 20 [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade), particularly on **[Hyperliquid BTC]**, creates vulnerability for short squeezes, while 1 instance of [Trapped Longs](https://thru.capital/ontology#trapped-longs) indicates localized [long squeeze](https://thru.capital/ontology#derivatives-reflexivity) 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-PERPETUAL]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 7 minutes ago | 0.6000 | exit_regime: [Indeterminate](https://thru.capital/ontology#indeterminate-ambiguous) |\n| **[Hyperliquid BTC]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 7 minutes ago | 0.7000 | oi_velocity: -44.39 |\n| **[OkxSpot BTC-USDT]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 7 minutes ago | 0.8000 | efficiency_ratio: 0.1295 |\n| **[Hyperliquid BTC]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 12 minutes ago | 0.7500 | efficiency_ratio: 0.0451 |\n| **[Deribit BTC-28AUG26]** | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | 37 minutes ago | 0.8000 | efficiency_ratio: 0.00 |\nThe market was characterized by 262 instances of Passive Absorption, indicating significant passive liquidity walls absorbing aggressive selling pressure across multiple venues including **[OkxSpot BTC-USDT]**, **[Hyperliquid BTC]**, and **[Deribit BTC-PERPETUAL]**. Despite these structural bids, 20 [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade), notably on **[Hyperliquid BTC]** with an OI velocity of -44.39, suggest periods where aggressive selling overwhelmed passive support, leading to localized orderbook imbalances. Momentum Exhaustion, observed 39 times, including on **[Hyperliquid BTC]** with an [efficiency ratio](https://thru.capital/ontology#delta-efficiency) of 0.0451, further indicates depletion of buying fuel within these absorption blocks.\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)*",
  "date": "2026-07-05",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1783295788561696800,
      "date_str": "2026-07-05",
      "url": "https://thru.capital/microstructure/btc/2026-07-05",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.55608228,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.12948322296142578,
      "timestamp_ns": 1781654471440523300,
      "date_str": "2026-06-17",
      "url": "https://thru.capital/microstructure/btc/2026-06-17",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.49552476,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.22095298767089844,
      "timestamp_ns": 1781842872189904000,
      "date_str": "2026-06-19",
      "url": "https://thru.capital/microstructure/btc/2026-06-19",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.51678848,
      "oi_velocity": 0
    }
  ]
}