{
  "title": "Passive Absorption in Absorption (BTC) — July 11, 2026",
  "waterfall_summary": "The market exhibited a dominant [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, accounting for 75531 state blocks, indicating sustained structural stability through passive liquidity. Minor occurrences of [Indeterminate](https://thru.capital/ontology#indeterminate-ambiguous) (7818 blocks), [Compression](https://thru.capital/ontology#compression-coiling) (64 blocks), [Expansion](https://thru.capital/ontology#expansion-discovery) (55 blocks), and [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) (52 blocks) were observed. Volatility, as measured by **[CME_BTC_VOL]**, was 45.2 as of 2026-06-24. The day's microstructure was characterized by numerous Passive Absorption events, alongside rejected breakout attempts via Failed Expansion and depleted informed flow indicated by Momentum Exhaustion. Minimal [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) (3 events) were detected. | Venue/Instrument | Event Type | Recency (minutes ago) | Confidence | Key Metric ||---|---|---|---|---|| **[Hyperliquid BTC]** | Failed Expansion | 9 | 0.8000 | duration_bars: 1.00, exit_regime: Absorption || **[Deribit BTC-PERPETUAL]** | Failed Expansion | 8 | 0.8000 | duration_bars: 1.00, exit_regime: Absorption || **[BinanceCoinM BTCUSD_PERP]** | Failed Expansion | 9 | 0.6000 | duration_bars: 1.00, exit_regime: Indeterminate || **[OkxInverse BTC-USD]** | Failed Expansion | 28 | 0.8000 | duration_bars: 1.00, exit_regime: Absorption || **[OkxInverse BTC-USD]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 38 | 0.7500 | efficiency_ratio: 0.0963, oi_velocity: -14.55 BPS, cvd_divergence: 0.8205 || **[Deribit BTC-28AUG26]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 34 | 0.8000 | efficiency_ratio: 0.00, [VPIN](https://thru.capital/ontology#vpin): 1.00 || **[BybitSpot BTCUSDT]** | Passive Absorption | 39 | 0.8000 | efficiency_ratio: 0.1445, VPIN: 0.7920 || **[OkxInverse BTC-USD]** | Passive Absorption | 39 | 0.8000 | efficiency_ratio: 0.0905, VPIN: 0.9493 |The market's structural stability was primarily defined by persistent Passive Absorption, with 229 instances indicating a robust bid-side liquidity. [Failed Expansion](https://thru.capital/ontology#failed-expansion) events, totaling 55, across venues like **[Hyperliquid BTC]** and **[Deribit BTC-PERPETUAL]**, confirmed rejections of upward price movements. Momentum Exhaustion, with 24 instances on **[OkxInverse BTC-USD]** and **[BinanceCoinM BTCUSD_PERP]**, suggested a depletion of aggressive informed flow within these absorption blocks.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)\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Multiple severe negative funding divergences characterized the day's funding trajectories, indicating significant short-side crowdedness. **[Bybit BTCPERP]** registered a -8.26 Z-score, **[BybitInverse BTCUSD]** a -3.24 Z-score, **[OkxInverse BTC-USD]** a -2.80 Z-score, and **[Binance BTCUSDT]** a -2.28 Z-score. These extreme negative funding rates suggest aggressive short positioning or demand for downside protection, creating a vulnerability for short squeezes if price stabilizes. While overall market leverage remained Clean, instances of [Elevated leverage](https://thru.capital/ontology#elevated-leverage) were noted on **[BybitInverse BTCUSD]**, **[Deribit BTC-PERPETUAL]**, and **[OkxInverse BTC-USD]**.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• baseline risk-free levels",
  "cvd_summary": "Passive liquidity walls were the dominant structural feature, with 229 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) detected across multiple venues. **[Deribit]** futures and options, **[BybitSpot BTCUSDT]**, **[OkxInverse BTC-USD]**, and **[CoinbaseSpot BTC-USD]** exhibited significant VPIN values, indicating passive bids effectively absorbed aggressive selling pressure. This sustained absorption created a structural orderbook imbalance, with buy-side liquidity absorbing market sell orders. A CVD divergence of 0.8205 was observed on **[OkxInverse BTC-USD]** during a [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) event, indicating a decoupling between cumulative volume delta and price action.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-11",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1783814194903846000,
      "date_str": "2026-07-11",
      "url": "https://thru.capital/microstructure/btc/2026-07-11",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.57621412,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.020682334899902344,
      "timestamp_ns": 1782516683524404000,
      "date_str": "2026-06-26",
      "url": "https://thru.capital/microstructure/btc/2026-06-26",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.5982421,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.021918296813964844,
      "timestamp_ns": 1783342804718347500,
      "date_str": "2026-07-06",
      "url": "https://thru.capital/microstructure/btc/2026-07-06",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.58460321,
      "oi_velocity": 0
    }
  ]
}