{
  "title": "Passive Absorption in Compression (BTC) — July 25, 2026",
  "waterfall_summary": "The market operated predominantly within a [Compression](https://thru.capital/ontology#compression-coiling) regime, accounting for 88732 state blocks, indicating structural stability. [Passive Absorption](https://thru.capital/ontology#passive-absorption) was the primary microstructure event with 174 occurrences and a confidence of 138.0, reflecting institutional buying against sell-side pressure. Minor [Failed Expansion](https://thru.capital/ontology#failed-expansion) events (47 counts, 30.2 confidence) were observed, suggesting attempts to break the Compression regime.  \n\nVerified Execution & Macro Proofs:\n- **(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": "**[BinanceCoinM BTCUSD_PERP]** exhibited significant negative funding divergences, ranging from -1.97 Z to -2.29 Z, indicating substantial short-side pressure. Despite this, leverage across most observed instruments remained Clean, mitigating immediate cascade risks. The negative funding divergence on **[BinanceCoinM BTCUSD_PERP]** creates a vulnerability for short squeezes if the dominant [absorption](https://thru.capital/ontology#absorption-the-wall) block holds.  \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": "The market exhibited dominant passive liquidity walls, with **[Deribit]** Options [214] and BTC-26MAR27 showing Passive Absorption with VPIN at 1.00. Concurrently, **[Deribit]** BTC_USDC-PERPETUAL registered [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) with an [OI Velocity](https://thru.capital/ontology#derivatives-reflexivity) of -10000.0 BPS and a [CVD](https://thru.capital/ontology#cvd) Divergence of 1.00, indicating depletion of aggressive informed flow. **[Bybit BTCPERP]** also displayed Momentum Exhaustion with an OI Velocity of -11.07 BPS and a CVD Divergence of 0.9980, suggesting localized fuel depletion against the broader [absorption](https://thru.capital/ontology#absorption-the-wall).  \n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|:---|:---|:---|:---|:---|\n| **[Deribit]** Options [214] | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 1 minute ago | 0.8000 | [VPIN](https://thru.capital/ontology#vpin): 1.00 |\n| **[Deribit]** BTC-26MAR27 | Passive Absorption | 2 minutes ago | 0.8000 | [VPIN](https://thru.capital/ontology#vpin): 1.00 |\n| **[Deribit]** BTC_USDC-PERPETUAL | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | 4 minutes ago | 0.7500 | OI Velocity: -10000.0 BPS, CVD Divergence: 1.00 |\n| **[Deribit]** BTC-31JUL26 | Passive Absorption | 5 minutes ago | 0.8000 | VPIN: 1.00 |\n| **[OkxSpot]** BTC-USDC | Passive Absorption | 20 minutes ago | 0.8000 | VPIN: 1.00 |\n| **[Coinbase]** BTC-PERP-INTX | Passive Absorption | 20 minutes ago | 0.8000 | VPIN: 0.7399 |\n| **[Bybit BTCPERP]** | Momentum Exhaustion | 26 seconds ago | 0.7500 | OI Velocity: -11.07 BPS, CVD Divergence: 0.9980 |\n| **[Binance]** BTCUSDC | Passive Absorption | 1.6 hours ago | 0.8000 | VPIN: 0.7717 |\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-25",
  "historical_clusters": [
    {
      "distance_score": 0.00000762939453125,
      "timestamp_ns": 1785023812239662800,
      "date_str": "2026-07-25",
      "url": "https://thru.capital/microstructure/btc/2026-07-25",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.97685789,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.004299163818359375,
      "timestamp_ns": 1785023705725307000,
      "date_str": "2026-07-25",
      "url": "https://thru.capital/microstructure/btc/2026-07-25",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.97078159,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.016387939453125,
      "timestamp_ns": 1783737904774696000,
      "date_str": "2026-07-11",
      "url": "https://thru.capital/microstructure/btc/2026-07-11",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.98145993,
      "oi_velocity": 0
    }
  ]
}