{
  "title": "Passive Absorption in Absorption (BTC) — July 22, 2026",
  "waterfall_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|:-----------------|:-----------|:-----------|:-----------|:-----------|\n| **[Deribit BTC_USDC-PERPETUAL]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-07-22 23:56 | 0.80 | efficiency_ratio: 0.00, [vpin](https://thru.capital/ontology#vpin): 1.00 |\n| **[Hyperliquid BTC]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 2026-07-22 23:49 | 0.80 | exit: [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) |\n| **[Hyperliquid BTC]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-07-22 23:46 | 0.70 | oi_velocity: -33.63 |\n| **[Deribit BTC_USDC-PERPETUAL]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-07-22 23:44 | 0.75 | efficiency_ratio: 0.2245, oi_velocity: -44.58 |\n| **[OkxLinear BTC-USDT]** | Liquidation Cascade | 2026-07-22 23:33 | 0.70 | oi_velocity: -22.50 |\nThe market maintained an **[Absorption](https://thru.capital/ontology#absorption-the-wall)** regime with 93% venue consensus, indicating structural stability. Despite this, localized volatility was observed with a **Liquidation Cascade** on **[Hyperliquid BTC]** ([OI velocity](https://thru.capital/ontology#derivatives-reflexivity) -33.63) and **[OkxLinear BTC-USDT]** (OI velocity -22.50). Multiple **Failed [Expansion](https://thru.capital/ontology#expansion-discovery)** attempts, such as on **[Hyperliquid BTC]** (exit: Exhaustion), confirmed price rejection at higher levels. The **CME_BTC_VOL** registered at 45.2, reflecting institutional hedging activity.\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 divergences, with **[Bybit BTCPERP]** recording a severe -3.00 Z funding rate, indicating substantial short pressure and potential for a short squeeze. Conversely, **[BinanceCoinM BTCUSD_PERP]** showed elevated funding at +2.34 Z, coupled with a -12.44 BPS OI velocity decrease, suggesting long position reduction despite positive funding. Crowdedness was localized, with **[BinanceCoinM BTCUSD_PERP]** and **[Deribit BTC_USDC-PERPETUAL]** exhibiting Elevated leverage, while **[Hyperliquid BTC]** and **[OkxLinear BTC-USDT]** experienced **[Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade)** ([OI velocity](https://thru.capital/ontology#derivatives-reflexivity) -33.63 and -22.50 respectively), indicating localized deleveraging events.Verified Execution & Macro Proofs:\n* **(See Verified Execution below)**\n* **(See Verified Execution below)**\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 liquidity walls were prominent, with **[Passive Absorption](https://thru.capital/ontology#passive-absorption)** events detected across multiple **[Deribit]** instruments, indicating a structural bid absorbing aggressive sell-side pressure. Orderbook imbalances were evident as these walls absorbed significant taker volume, preventing downward price movement. A **CVD divergence** of 0.7009 was observed on **[Deribit BTC_USDC-PERPETUAL]** during a **[Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion)** event, signaling a depletion of informed flow despite passive buying.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-22",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1784764607009796000,
      "date_str": "2026-07-22",
      "url": "https://thru.capital/microstructure/btc/2026-07-22",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.6618993,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.006984710693359375,
      "timestamp_ns": 1781298601788328400,
      "date_str": "2026-06-12",
      "url": "https://thru.capital/microstructure/btc/2026-06-12",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.64867875,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.013996124267578125,
      "timestamp_ns": 1784443805768980700,
      "date_str": "2026-07-19",
      "url": "https://thru.capital/microstructure/btc/2026-07-19",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.66836077,
      "oi_velocity": 0
    }
  ]
}