{
  "title": "Passive Absorption in Absorption (BTC) — July 24, 2026",
  "waterfall_summary": "The market primarily operated within an [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, accounting for 86,877 state blocks, indicating sustained passive accumulation. Minor regime shifts included 125 blocks of [Expansion](https://thru.capital/ontology#expansion-discovery) and 82 blocks of [Compression](https://thru.capital/ontology#compression-coiling), alongside 40 instances of [Failed Expansion](https://thru.capital/ontology#failed-expansion), suggesting attempts at directional moves were met with structural resistance. Overall structural stability was characterized by this dominant Absorption, with **[CME_BTC_VOL]** registering 45.2.\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)",
  "radar_summary": "Funding trajectories and specific crowdedness metrics for the day were not provided in granular detail. However, the detection of 39 [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) events indicates localized long/short squeeze risks across various instruments. [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion), with 49 instances, suggests periods where directional conviction depleted, potentially leading to rapid unwinds.\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)*",
  "cvd_summary": "Passive liquidity walls were the predominant microstructure event, with 275 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) detected across various venues, indicating significant [absorption](https://thru.capital/ontology#absorption-the-wall) of aggressive selling pressure. Concurrently, 49 instances of [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) suggest a depletion of directional impetus within this absorption phase. Orderbook imbalances were characterized by these persistent passive bids, preventing significant price discovery despite localized selling.\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|:-----------------|:-----------|:-----------|:-----------|:-----------|\n| Cross-Venue | Passive Absorption | Throughout Day | 215.0 | Count: 275 |\n| Cross-Venue | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | Throughout Day | 36.75 | Count: 49 |\n| Cross-Venue | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | Throughout Day | 25.2 | Count: 40 |\n| Cross-Venue | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | Throughout Day | 27.3 | Count: 39 |\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)*",
  "date": "2026-07-24",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1784937411624881400,
      "date_str": "2026-07-24",
      "url": "https://thru.capital/microstructure/btc/2026-07-24",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.34011365,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.008002281188964844,
      "timestamp_ns": 1781872501670360000,
      "date_str": "2026-06-19",
      "url": "https://thru.capital/microstructure/btc/2026-06-19",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.33888315,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.008574485778808594,
      "timestamp_ns": 1783383389449098500,
      "date_str": "2026-07-07",
      "url": "https://thru.capital/microstructure/btc/2026-07-07",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.35152629,
      "oi_velocity": 0
    }
  ]
}