{
  "title": "Passive Absorption in BTC — July 17, 2026",
  "waterfall_summary": "Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric\n|:-----------------|:-----------|:-----------|:-----------|:-----------\n| **[Deribit Options]** [212] | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2 minutes ago | 0.8000 | efficiency_ratio: 0.00, [vpin](https://thru.capital/ontology#vpin): 1.00\n| **[OkxLinear BTC-USDT]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 4 minutes ago | 0.7000 | oi_velocity: -23.77 BPS\n| **[Deribit BTC-PERPETUAL]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 5 minutes ago | 0.8000 | duration_bars: 1.00, exit_regime: [Absorption](https://thru.capital/ontology#absorption-the-wall)\n| **[Deribit BTC-24JUL26]** | Passive Absorption | 5 minutes ago | 0.8000 | efficiency_ratio: 0.00, [vpin](https://thru.capital/ontology#vpin): 1.00\n| **[BybitInverse BTCUSD]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 20 minutes ago | 0.7500 | efficiency_ratio: 0.0912, oi_velocity: -77.38 BPS\n| **[Hyperliquid BTC]** | Liquidation Cascade | 26 minutes ago | 0.7000 | oi_velocity: -35.23 BPS\n| **[Bybit BTCPERP]** | Liquidation Cascade | 40 minutes ago | 0.7000 | oi_velocity: -86.58 BPS\n\nThe market was predominantly in an **Absorption** regime, accounting for 81880 state blocks, indicating sustained passive buying. This structural stability was challenged by 43 **Liquidation Cascade** events and 42 **Failed [Expansion](https://thru.capital/ontology#expansion-discovery)** events, suggesting periods of volatility and rejected upward price movements. Minor **[Compression](https://thru.capital/ontology#compression-coiling)** (177 blocks) and **[Exhaustion](https://thru.capital/ontology#exhaustion-the-fade)** (42 blocks) regimes were also observed, indicating localized liquidity engineering and directional impetus depletion.\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 divergence, with **[BybitInverse BTCUSD]** showing elevated funding (+1.62 Z) indicative of crowded long positioning, while **[Deribit BTC-PERPETUAL]** experienced negative funding (-1.39 Z) suggesting localized short pressure. [Liquidation cascades](https://thru.capital/ontology#liquidation-cascade) on **[Bybit BTCPERP]** (OI velocity: -86.58 BPS), **[OkxLinear BTC-USDT]** (OI velocity: -23.77 BPS), and **[Hyperliquid BTC]** (OI velocity: -35.23 BPS) confirmed deleveraging events and long squeeze risks throughout the day. [Elevated leverage](https://thru.capital/ontology#elevated-leverage) pockets on **[Binance BTCUSDT]** and **[OkxInverse BTC-USD]** maintained vulnerability for further unwinds.\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)\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "cvd_summary": "[Passive absorption](https://thru.capital/ontology#passive-absorption) was the dominant structural event, with 160 instances detected, primarily across **[Deribit]** instruments, indicating significant passive liquidity walls absorbing aggressive selling pressure. Orderbook imbalances were evident through elevated funding rates on **[BybitInverse BTCUSD]** (+1.62 Z) and **[Binance BTCUSDT]** (+1.71 Z), diverging from declining [Open Interest (OI) velocity](https://thru.capital/ontology#derivatives-reflexivity) on **[OkxLinear BTC-USDT]** (-25.09 BPS). This divergence suggests speculative long positioning being absorbed by passive bids, creating a fragile market structure.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-17",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1784332603389384700,
      "date_str": "2026-07-17",
      "url": "https://thru.capital/microstructure/btc/2026-07-17",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.05265368,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0023937225341796875,
      "timestamp_ns": 1781655970721169400,
      "date_str": "2026-06-17",
      "url": "https://thru.capital/microstructure/btc/2026-06-17",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.05309506,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.009695053100585938,
      "timestamp_ns": 1783798504371299600,
      "date_str": "2026-07-11",
      "url": "https://thru.capital/microstructure/btc/2026-07-11",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.06759139,
      "oi_velocity": 0
    }
  ]
}