{
  "title": "Passive Absorption (BTC) — July 08, 2026",
  "waterfall_summary": "The market maintained a dominant **[Absorption](https://thru.capital/ontology#absorption-the-wall)** regime, accounting for 73200 blocks across instruments, indicating sustained passive buying. Volatility remained contained, with minimal **[Expansion](https://thru.capital/ontology#expansion-discovery)** (223 blocks) and **[Compression](https://thru.capital/ontology#compression-coiling)** (131 blocks) activity, and **CME_BTC_VOL** registered 45.2 on June 24, 2026. Multiple **[Failed Expansion](https://thru.capital/ontology#failed-expansion)** events (25 total, 17.0 confidence) across venues suggest rejected breakout attempts, reinforcing the absorption structure.\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": "```\nVenue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric\n---|---|---|---|---\n**[OkxInverse BTC-USD]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 7 minutes ago | 0.8000 | exit_regime: [Absorption](https://thru.capital/ontology#absorption-the-wall)\n**[BinanceCoinM BTCUSD_PERP]** | Failed [Expansion](https://thru.capital/ontology#expansion-discovery) | 7 minutes ago | 0.8000 | exit_regime: Absorption\n**[Bybit BTCPERP]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 11 minutes ago | 0.7500 | [OI Velocity](https://thru.capital/ontology#derivatives-reflexivity): -49.36\n**[OkxInverse BTC-USD]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 16 minutes ago | 0.8000 | efficiency_ratio: 0.0207\n**[Hyperliquid BTC]** | Passive Absorption | 16 minutes ago | 0.8000 | efficiency_ratio: 0.0151\n**[Bybit BTCUSDT]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 41 minutes ago | 0.7000 | OI Velocity: -26.60\n**[BybitInverse BTCUSD]** | Passive Absorption | 1.1 hours ago | 0.8000 | efficiency_ratio: 0.1022\n**[Hyperliquid BTC]** | Liquidation Cascade | 2.0 hours ago | 0.7000 | oi_velocity: -22.05 BPS\n**[Hyperliquid BTC]** | Failed Expansion | 2.3 hours ago | 0.6000 | exit_regime: [Indeterminate](https://thru.capital/ontology#indeterminate-ambiguous)\n**[Hyperliquid BTC]** | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | 2.7 hours ago | 0.7500 | oi_velocity: -55.40 BPS\n**[BinanceCoinM BTCUSD_PERP]** | Passive Absorption | 3.7 hours ago | 0.8000 | efficiency_ratio: 0.1044\n```\nSignificant negative funding divergence on **[Bybit BTCUSDT]** (up to -4.28 Z) and **[Bybit BTCPERP]** (up to -2.78 Z) indicates localized short positioning or hedging activity. Leverage across most venues remained Clean, however, specific instruments on **[BybitInverse BTCUSD]**, **[OkxInverse BTC-USD]**, **[BinanceCoinM BTCUSD_PERP]**, **[Hyperliquid BTC]**, **[Bybit BTCUSDT]**, **[Bybit BTCPERP]**, and **[OkxLinear BTC-USDT]** exhibited Elevated leverage. **[Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade)** (36 events, 25.2 confidence) on **[Bybit BTCUSDT]** and **[Hyperliquid BTC]** (OI velocity up to -26.60 BPS) suggest short-term unwinding, while **Momentum Exhaustion** (59 events, 44.25 confidence) on **[Bybit BTCPERP]** and **[Hyperliquid BTC]** indicates depleted informed flow, increasing vulnerability to price discovery.\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": "The market exhibited widespread **[Passive Absorption](https://thru.capital/ontology#passive-absorption)** (189 events, 148.2 confidence) across venues including **[BybitInverse BTCUSD]**, **[BinanceCoinM BTCUSD_PERP]**, **[Bybit BTCPERP]**, **[OkxSpot BTC-USDC]**, and **[OkxInverse BTC-USD]**, indicating robust bid-side liquidity absorbing aggressive selling pressure. Orderbook imbalances were evident through **[Failed Expansion](https://thru.capital/ontology#failed-expansion)** events (25 total, 17.0 confidence) on **[OkxInverse BTC-USD]**, **[BinanceCoinM BTCUSD_PERP]**, and **[Hyperliquid BTC]**, suggesting price rejection at higher levels. The prevalence of **Passive [Absorption](https://thru.capital/ontology#absorption-the-wall)** implies a divergence where aggressive selling was absorbed by passive bids, preventing significant price depreciation.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-08",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1783554994706133500,
      "date_str": "2026-07-08",
      "url": "https://thru.capital/microstructure/btc/2026-07-08",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.01394997,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.06656837463378906,
      "timestamp_ns": 1782814802466551800,
      "date_str": "2026-06-30",
      "url": "https://thru.capital/microstructure/btc/2026-06-30",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.02742344,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.08074760437011719,
      "timestamp_ns": 1781487001883149300,
      "date_str": "2026-06-15",
      "url": "https://thru.capital/microstructure/btc/2026-06-15",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.04416116,
      "oi_velocity": 0
    }
  ]
}