{
  "title": "Passive Absorption in Compression (BTC) — July 21, 2026",
  "waterfall_summary": "The market predominantly operated within an **[Absorption](https://thru.capital/ontology#absorption-the-wall)** regime, accounting for 85092 state blocks, indicating sustained passive liquidity absorption across venues. Despite this dominant structural stability, 26 instances of **[Failed Expansion](https://thru.capital/ontology#failed-expansion)** and 19 **[Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade)** events were observed, suggesting localized volatility spikes and price rejection. The **[CME_BTC_VOL]** metric registered 45.2 on June 24, 2026, indicating a moderate institutional volatility environment. 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": "Funding rates on **[Deribit] BTC_USDC-PERPETUAL** exhibited significant negative divergence, reaching -2.07 Z, indicating a pronounced short bias and potential for short squeeze risks, despite most instruments maintaining **Clean** leverage. This environment saw 19 **[Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade)** events. Substantial treasury inflows provided macro liquidity context. 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\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 222 instances of **[Passive Absorption](https://thru.capital/ontology#passive-absorption)** with a confidence of 168.2, indicating robust passive liquidity walls absorbing aggressive selling pressure across multiple venues. This sustained [absorption](https://thru.capital/ontology#absorption-the-wall) suggests significant orderbook depth on the bid side, preventing downward price velocity and implying a net absorption of sell-side volume by resting buy orders.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-21",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1784678206653717500,
      "date_str": "2026-07-21",
      "url": "https://thru.capital/microstructure/btc/2026-07-21",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.72301713,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0503082275390625,
      "timestamp_ns": 1782795384463748000,
      "date_str": "2026-06-30",
      "url": "https://thru.capital/microstructure/btc/2026-06-30",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.72152062,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.054931640625,
      "timestamp_ns": 1783496404901277400,
      "date_str": "2026-07-08",
      "url": "https://thru.capital/microstructure/btc/2026-07-08",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.70583758,
      "oi_velocity": 0
    }
  ]
}