{
  "title": "Passive Absorption (BTC) — July 12, 2026",
  "waterfall_summary": "The market predominantly operated within an [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, accounting for 75275 state blocks, indicating sustained passive buying pressure. Secondary [Compression](https://thru.capital/ontology#compression-coiling) was observed in 8363 blocks, while [Expansion](https://thru.capital/ontology#expansion-discovery) attempts were minimal at 105 blocks. Structural events included 202 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption), 34 instances of [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion), and 31 instances of [Failed Expansion](https://thru.capital/ontology#failed-expansion), suggesting upward price movements were consistently rejected. A total of 6 [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) were detected, indicating localized volatility. | Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |---|---|---|---|---| **[OkxInverse BTC-USD]** | Momentum Exhaustion | 2026-07-12 (Recent) | 0.7500 | oi_velocity: -15.12 | **[Bybit BTCPERP]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-07-12 (Recent) | 0.7000 | oi_velocity: -29.97 | **[Deribit BTC-PERPETUAL]** | Failed Expansion | 2026-07-12 (Recent) | 0.8000 | duration_bars: 1.00 | **[Deribit BTC-25SEP26]** | Passive Absorption | 2026-07-12 (Recent) | 0.8000 | [vpin](https://thru.capital/ontology#vpin): 1.00 | 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": "Funding trajectories exhibited significant negative divergences, with **[Bybit BTCUSDT]** recording up to -4.36 Z, indicating substantial short-side pressure and potential crowdedness in short positions. Concurrently, **[BybitInverse BTCUSD]** showed a -45.50 BPS OI velocity, and **[Bybit BTCPERP]** experienced a -29.97 BPS OI velocity during a [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade), confirming localized deleveraging. While overall leverage remained [Clean](https://thru.capital/ontology#clean-leverage) across most instruments, **[BybitInverse BTCUSD]** showed Elevated leverage with a +22.32 BPS OI velocity, creating vulnerability for localized volatility or a short squeeze if the dominant absorption block holds. | Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |---|---|---|---|---| **[OkxInverse BTC-USD]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-07-12 (Recent) | 0.7500 | oi_velocity: -15.12 | **[Bybit BTCPERP]** | Liquidation Cascade | 2026-07-12 (Recent) | 0.7000 | oi_velocity: -29.97 | **[BybitInverse BTCUSD]** | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | 2026-07-12 (Recent) | 0.7500 | oi_velocity: -45.50 | **[Deribit BTC_USDC-PERPETUAL]** | Momentum Exhaustion | 2026-07-12 (Recent) | 0.7500 | oi_velocity: -10.52 | 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": "Passive liquidity walls were prominent, with 202 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) detected across multiple venues, including **[Deribit Options [204]]** and **[OkxSpot BTC-USDT]**, indicating a strong underlying bid absorbing aggressive selling pressure. Orderbook imbalances were evident as these bids absorbed sell-side flow, maintaining an [Absorption](https://thru.capital/ontology#absorption-the-wall) regime with up to 94% venue consensus. Significant funding divergences, such as -4.36 Z on **[Bybit BTCUSDT]**, suggested localized short-side pressure, creating a divergence from the broader passive accumulation. | Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |---|---|---|---|---| **[Deribit BTC-25SEP26]** | Passive Absorption | 2026-07-12 (Recent) | 0.8000 | [vpin](https://thru.capital/ontology#vpin): 1.00 | **[OkxSpot BTC-USDT]** | Passive Absorption | 2026-07-12 (Recent) | 0.8000 | [vpin](https://thru.capital/ontology#vpin): 0.7471 | **[OkxInverse BTC-USD]** | Passive Absorption | 2026-07-12 (Recent) | 0.8000 | vpin: 0.9627 | **[Hyperliquid BTC]** | Passive Absorption | 2026-07-12 (Recent) | 0.8000 | vpin: 0.9623 | **[Bybit BTCUSDT]** | Passive Absorption | 2026-07-12 (Recent) | 0.8000 | efficiency_ratio: 0.0873 |\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-12",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1783900596661560800,
      "date_str": "2026-07-12",
      "url": "https://thru.capital/microstructure/btc/2026-07-12",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.00733262,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.00438690185546875,
      "timestamp_ns": 1781103002005152500,
      "date_str": "2026-06-10",
      "url": "https://thru.capital/microstructure/btc/2026-06-10",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.0170288,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.005415916442871094,
      "timestamp_ns": 1782512483879942400,
      "date_str": "2026-06-26",
      "url": "https://thru.capital/microstructure/btc/2026-06-26",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.01602431,
      "oi_velocity": 0
    }
  ]
}