{
  "title": "Passive Absorption in Compression (BTC) — July 23, 2026",
  "waterfall_summary": "The market operated predominantly within a [Compression](https://thru.capital/ontology#compression-coiling) regime (85083 blocks), characterized by widespread [Passive Absorption](https://thru.capital/ontology#passive-absorption) (326 events, 255.4 confidence). Volatility, as measured by **[CME_BTC_VOL]**, registered at 45.2. Multiple Failed Expansion events (39 counts, 26.8 confidence) on venues such as **[Hyperliquid BTC]** and **[Deribit BTC-PERPETUAL]** indicated rejected breakout attempts into the prevailing Absorption structure, reinforcing the current regime's resilience. Localized Indeterminate states were observed on **[OkxSpot BTC-USDC]**, **[OkxLinear BTC-USDT]**, and **[Deribit BTC-PERPETUAL]**, suggesting localized inefficiency.| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric ||---|---|---|---|---|| **[Deribit BTC-26MAR27]** | Passive Absorption | 1 min | 0.8000 | vpin: 0.9967 || **[BybitInverse BTCUSD]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 21 min | 0.7000 | oi_velocity: -26.73 || **[BybitInverse BTCUSD]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 16 min | 0.7500 | oi_velocity: -16.12 || **[Hyperliquid BTC]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | Last 30 min | 0.8000 | duration_bars: 1.00 || **[Deribit BTC-PERPETUAL]** | Failed Expansion | Last 30 min | 0.8000 | duration_bars: 1.00 |The aggregate structural events confirm persistent passive [absorption](https://thru.capital/ontology#absorption-the-wall) against reactive selling, with breakout attempts consistently rejected.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 rates showed significant divergence, with **[BinanceCoinM BTCUSD_PERP]** registering the most severe at -2.58 Z, indicating substantial short-side pressure and potential for a short squeeze. Overall leverage remained predominantly Clean, though **[OkxInverse BTC-USD]**, **[Binance BTCUSDT]**, and **[Hyperliquid BTC]** exhibited Elevated leverage, increasing localized volatility risk. [Liquidation cascades](https://thru.capital/ontology#liquidation-cascade) on **[BinanceCoinM BTCUSD_PERP]** ([OI velocity](https://thru.capital/ontology#derivatives-reflexivity) -21.13 BPS) and **[BybitInverse BTCUSD]** (OI velocity -26.73 BPS) confirmed localized deleveraging events.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": "The market was characterized by widespread passive liquidity walls, with **[Deribit BTC-26MAR27]** exhibiting significant Passive Absorption (vpin: 0.9967). This indicated strong passive buying absorbing aggressive selling pressure. Orderbook imbalances were evident as these passive bids met reactive flow, preventing sustained price discovery. A CVD divergence of 0.9003 was observed on **[BinanceCoinM BTCUSD_PERP]** during [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion), suggesting a disconnect between price action and cumulative volume delta.",
  "date": "2026-07-23",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1784851008895323000,
      "date_str": "2026-07-23",
      "url": "https://thru.capital/microstructure/btc/2026-07-23",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.47693123,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.010045051574707031,
      "timestamp_ns": 1782755102473388500,
      "date_str": "2026-06-29",
      "url": "https://thru.capital/microstructure/btc/2026-06-29",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.48349227,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.015192031860351562,
      "timestamp_ns": 1783046187208793000,
      "date_str": "2026-07-03",
      "url": "https://thru.capital/microstructure/btc/2026-07-03",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.49799009,
      "oi_velocity": 0
    }
  ]
}