{
  "title": "Passive Absorption in Absorption (BTC) — July 10, 2026",
  "waterfall_summary": "The market maintained a dominant [Absorption](https://thru.capital/ontology#absorption-the-wall) regime (74811 state blocks), indicating sustained passive order flow, with minor shifts to [Expansion](https://thru.capital/ontology#expansion-discovery) (103 blocks) and [Compression](https://thru.capital/ontology#compression-coiling) (153 blocks). Multiple [Failed Expansion](https://thru.capital/ontology#failed-expansion) attempts across **[Deribit BTC-PERPETUAL]** and **[OkxInverse BTC-USD]** indicate price rejection, while [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) on **[Bybit BTCUSDT]** suggest aggressive long unwinding, contributing to the overall structural stability within the Absorption regime.```| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |---|---|---|---|---|| **[Deribit BTC-25SEP26]** | Passive Absorption | 10 minutes ago | 0.8000 | efficiency_ratio: 0.00 || **[Deribit BTC-PERPETUAL]** | Failed Expansion | 12 minutes ago | 0.8000 | duration_bars: 1.00 || **[OkxSpot BTC-USDT]** | Passive Absorption | 13 minutes ago | 0.8000 | vpin: 0.7559 || **[Hyperliquid BTC]** | Passive Absorption | 13 minutes ago | 0.8000 | vpin: 0.8573 || **[Deribit BTC-PERPETUAL]** | Momentum Exhaustion | 14 minutes ago | 0.7500 | efficiency_ratio: 0.2637 || **[OkxInverse BTC-USD]** | Failed Expansion | 14 minutes ago | 0.8000 | duration_bars: 1.00 || **[Bybit BTCUSDT]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 15 minutes ago | 0.7000 | oi_velocity: -34.61 || **[Bybit BTCPERP]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 19 minutes ago | 0.7500 | oi_velocity: -19.55 BPS |```Aggregate implications: Recent activity shows **[Deribit BTC-PERPETUAL]** recorded a Failed Expansion 12 minutes ago, indicating rejection of upward price movement. This aligns with multiple other failed expansion attempts across **[OkxInverse BTC-USD]**, suggesting persistent selling pressure at higher prices. Concurrently, new [Passive Absorption](https://thru.capital/ontology#passive-absorption) signals across multiple venues, including **[OkxSpot BTC-USDT]** and **[Hyperliquid BTC]**, indicate passive buying interest at current levels. Liquidation Cascades on **[Bybit BTCUSDT]** and Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) on **[Bybit BTCPERP]** further confirm deleveraging and fading directional conviction.Verified Execution & Macro Proofs* **(See Verified Execution below)*** **(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)\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "**[BybitInverse BTCUSD]** recorded a -2.63 Z funding divergence, indicating aggressive short positioning and crowdedness. Concurrently, **[Deribit BTC_USDC-PERPETUAL]** showed Elevated leverage with +1.76 Z funding, and **[Bybit BTCPERP]** reached +1.65 Z funding, signaling aggressive long interest in other segments. This bifurcated crowdedness creates a vulnerability for short squeezes if [passive absorption](https://thru.capital/ontology#passive-absorption) fails, or for long liquidations on **[Deribit]** and **[Bybit]** if price fails to sustain current levels due to high funding costs.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": "The market exhibited widespread [passive absorption](https://thru.capital/ontology#passive-absorption), with bids absorbing aggressive selling across **[Deribit]** instruments, **[OkxSpot BTC-USDT]**, and **[Hyperliquid BTC]**. This structural bid was evident in the high confidence of Passive Absorption events (210.8 confidence score), indicating significant resting liquidity. Despite the absorption, **[BybitInverse BTCUSD]** recorded a -2.63 Z funding divergence, suggesting strong short interest, while **[OkxInverse BTC-USD]** showed a +13.36 BPS [OI velocity](https://thru.capital/ontology#derivatives-reflexivity), indicating new capital entering short positions.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-10",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1783727795853493000,
      "date_str": "2026-07-10",
      "url": "https://thru.capital/microstructure/btc/2026-07-10",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.31249659,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.005442619323730469,
      "timestamp_ns": 1782650483265942800,
      "date_str": "2026-06-28",
      "url": "https://thru.capital/microstructure/btc/2026-06-28",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.32325675,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0058879852294921875,
      "timestamp_ns": 1781831771545270300,
      "date_str": "2026-06-19",
      "url": "https://thru.capital/microstructure/btc/2026-06-19",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.30898594,
      "oi_velocity": 0
    }
  ]
}