{
  "title": "Passive Absorption in Compression (BTC) — July 19, 2026",
  "waterfall_summary": "The macro regime for the day was predominantly [Compression](https://thru.capital/ontology#compression-coiling), accounting for 83095 state blocks, indicating a period of structural stability and range-bound price action. Volatility was characterized by 30 instances of [Failed Expansion](https://thru.capital/ontology#failed-expansion), notably on **[Deribit BTC-PERPETUAL]** and **[OkxLinear BTC-USDT]**, suggesting rejected breakout attempts within this compression. Structural stability was further challenged by 12 detected [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade), although the market largely remained within a Compression regime, supported by a **[CME_BTC_VOL]** value of 45.2 and recent **[Ethereum]** treasury inflows totaling 420,000,000 USDT.\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)\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 divergence on **[Bybit BTCPERP]**, with Z-scores ranging from +2.18 Z to -2.36 Z throughout the day, indicating shifts from aggressive long positioning to pronounced short-side pressure. Crowdedness was observed on **[Bybit]** perpetuals, where [elevated leverage](https://thru.capital/ontology#elevated-leverage) contrasted with the overall [clean leverage](https://thru.capital/ontology#clean-leverage) state across other venues, creating localized vulnerabilities. The risk of long/short squeezes was present, particularly on **[Bybit BTCPERP]** due to these funding divergences, and on **[Binance BTCUSDT]** which showed elevated leverage (+0.8590 Funding Z, +43.74 BPS [OI Velocity](https://thru.capital/ontology#derivatives-reflexivity)).\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• baseline risk-free levels",
  "cvd_summary": "Passive liquidity walls were the dominant structural event, with 254 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) detected across venues such as **[Deribit]** futures and **[Bybit]** perpetuals, indicating significant buy-side liquidity meeting aggressive selling. Orderbook imbalances were further characterized by 36 instances of [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) on **[BinanceCoinM BTCUSD_PERP]** and **[Hyperliquid BTC]**, where aggressive flow depleted, alongside 30 instances of [Failed Expansion](https://thru.capital/ontology#failed-expansion) on **[Deribit BTC-PERPETUAL]** and **[OkxLinear BTC-USDT]**. These dynamics suggest CVD divergences were primarily driven by passive [absorption](https://thru.capital/ontology#absorption-the-wall) countering aggressive, but ultimately exhausting, directional pressure.\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **Deribit** BTC-31JUL26 | Passive Absorption | Intraday | 0.8000 | efficiency_ratio: 0.00, [vpin](https://thru.capital/ontology#vpin): 1.00 |\n| **Bybit** BTCUSDT | Passive Absorption | Intraday | 0.8000 | efficiency_ratio: 0.1328, [vpin](https://thru.capital/ontology#vpin): 0.7760 |\n| **BinanceCoinM** BTCUSD_PERP | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | Intraday | 0.7500 | efficiency_ratio: 0.3895, oi_velocity: -11.26, cvd_divergence: 0.8754 |\n| **Hyperliquid** BTC | Momentum Exhaustion | Intraday | 0.7500 | efficiency_ratio: 0.0285, oi_velocity: -42.31, cvd_divergence: 0.8492 |\n| **Deribit** BTC-PERPETUAL | Failed [Expansion](https://thru.capital/ontology#expansion-discovery) | Intraday | 0.6000 | duration_bars: 1.00, exit_regime: [Indeterminate](https://thru.capital/ontology#indeterminate-ambiguous) |\n| **OkxLinear** BTC-USDT | Failed Expansion | Intraday | 0.6000 | exit_regime: Indeterminate |\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-19",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1784505603431107000,
      "date_str": "2026-07-20",
      "url": "https://thru.capital/microstructure/btc/2026-07-20",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0,
      "oi_velocity": 0
    },
    {
      "distance_score": 0,
      "timestamp_ns": 1784505405782585000,
      "date_str": "2026-07-19",
      "url": "https://thru.capital/microstructure/btc/2026-07-19",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0,
      "oi_velocity": 0
    },
    {
      "distance_score": 0,
      "timestamp_ns": 1784505305546069800,
      "date_str": "2026-07-19",
      "url": "https://thru.capital/microstructure/btc/2026-07-19",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0,
      "oi_velocity": 0
    }
  ]
}