{
  "title": "Passive Absorption in Absorption (BTC) — July 6, 2026",
  "waterfall_summary": "The market was predominantly in an [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, accounting for 68992 state blocks, indicating a structural block where passive bids absorbed aggressive selling. Volatility was evidenced by 95 [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) events (66.5 confidence), confirming localized deleveraging. Structural stability was challenged by 25 [Failed Expansion](https://thru.capital/ontology#failed-expansion) events (17.4 confidence), indicating rejected breakout attempts across multiple venues.<table><thead><tr><th>Event Type</th><th>Count</th><th>Confidence</th></tr></thead><tbody><tr><td>[Passive Absorption](https://thru.capital/ontology#passive-absorption)</td><td>212</td><td>164.0</td></tr><tr><td>Liquidation Cascade</td><td>95</td><td>66.5</td></tr><tr><td>[Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion)</td><td>28</td><td>21.0</td></tr><tr><td>Failed [Expansion](https://thru.capital/ontology#expansion-discovery)</td><td>25</td><td>17.4</td></tr></tbody></table><ul><li>**(See Verified Execution below)**</li><li>**(See Verified Execution below)**</li></ul>\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)\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, with **[BinanceCoinM BTCUSD_PERP]** showing elevated funding Z-scores up to +2.50, indicating speculative long crowdedness. Conversely, **[Bybit BTCPERP]** recorded negative funding down to -2.91 Z and negative OI velocity, suggesting short crowdedness and vulnerability to short squeezes. [Liquidation cascades](https://thru.capital/ontology#liquidation-cascade) (95 events) on **[Bybit BTCPERP]** and **[Hyperliquid BTC]** confirmed active deleveraging, indicating ongoing long/short squeeze risks throughout the day.<ul><li>**(See Verified Execution below)**</li></ul>\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 liquidity walls were dominant, with 212 [Passive Absorption](https://thru.capital/ontology#passive-absorption) events (164.0 confidence) observed across multiple **[Deribit]** instruments, indicating significant institutional bid-side liquidity. Orderbook imbalances were characterized by these persistent absorption blocks absorbing aggressive selling pressure. A CVD divergence of 0.7603 was recorded on **[Deribit BTC_USDC-PERPETUAL]** alongside a -37.23 BPS [OI velocity](https://thru.capital/ontology#derivatives-reflexivity), suggesting depleted informed flow against passive accumulation.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-06",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1783382190566344700,
      "date_str": "2026-07-06",
      "url": "https://thru.capital/microstructure/btc/2026-07-06",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.18566605,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.19953155517578125,
      "timestamp_ns": 1781255101392065300,
      "date_str": "2026-06-12",
      "url": "https://thru.capital/microstructure/btc/2026-06-12",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.18371,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.21623992919921875,
      "timestamp_ns": 1781587870377753900,
      "date_str": "2026-06-16",
      "url": "https://thru.capital/microstructure/btc/2026-06-16",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.18631063,
      "oi_velocity": 0
    }
  ]
}