{
  "title": "Passive Absorption in BTC — July 27, 2026",
  "waterfall_summary": "The dominant regime is [Absorption](https://thru.capital/ontology#absorption-the-wall), accounting for 90160 state blocks, with [Compression](https://thru.capital/ontology#compression-coiling) as the secondary regime at 9112 blocks. [Expansion](https://thru.capital/ontology#expansion-discovery) is minimal with 212 blocks, and multiple instances of [Failed Expansion](https://thru.capital/ontology#failed-expansion) were detected on venues such as **[OkxInverse BTC-USD]** and **[OkxLinear BTC-USDT]**. Overall market volatility, as indicated by **[CME_BTC_VOL]** at 45.2, suggests a moderate but contained environment. The structural stability is characterized by persistent absorption against limited expansionary momentum.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)",
  "radar_summary": "Funding rates exhibit significant divergences, with **[BybitInverse BTCUSD]** showing elevated funding (+2.63 Z) and **[Binance BTCUSDC]** reaching +2.44 Z, indicating a crowded long bias in specific derivatives. Concurrently, **[OkxLinear BTC-USDT]** and **[Bybit BTCPERP]** recorded substantial OI velocity declines (-34.61 BPS and -47.22 BPS respectively), suggesting open interest flushing. [Elevated leverage](https://thru.capital/ontology#elevated-leverage) is present across **[Bybit BTCPERP]**, **[BybitInverse BTCUSD]**, and **[BinanceCoinM BTCUSD_PERP]**, posing a risk of long squeezes if the prevailing [absorption](https://thru.capital/ontology#absorption-the-wall) fails to sustain price.Verified Execution & Macro Proofs:- **(See Verified Execution below)**\n\n## Verified Execution & Macro Proofs\n\n• baseline risk-free levels",
  "cvd_summary": "The market is characterized by widespread [passive absorption](https://thru.capital/ontology#passive-absorption), with 238 events detected at a confidence of 186.2. This is primarily observed across **[Deribit]** options and futures, as well as spot markets on **[CoinbaseSpot BTC-USD]** and **[BybitSpot BTCUSDT]**, indicating a strong institutional bid absorbing aggressive selling pressure. Despite this, localized [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) were observed on **[BinanceCoinM BTCUSD_PERP]**, suggesting specific orderbook imbalances were cleared. Momentum exhaustion on **[Hyperliquid BTC]** (OI Velocity: -18.99 BPS, CVD Divergence: 0.7105) indicates depleted informed flow within these structural blocks. | Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric ||:-----------------|:-----------|:-----------|:-----------|:-----------|| **[Deribit Options [214]]** | Passive Absorption | Intraday | 0.8000 | efficiency_ratio: 0.00, vpin: 1.00 || **[BybitInverse BTCUSD]** | Passive Absorption | Intraday | 0.8000 | efficiency_ratio: 0.0717, vpin: 0.9954 || **[BinanceCoinM BTCUSD_PERP]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | Intraday | (Implied High) | (Not Specified) || **[Hyperliquid BTC]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | Intraday | 0.7500 | [OI Velocity](https://thru.capital/ontology#derivatives-reflexivity): -18.99 BPS, [CVD](https://thru.capital/ontology#cvd) Divergence: 0.7105 || **[OkxInverse BTC-USD]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | Intraday | 0.6000 | duration_bars: 1.00 |Verified Execution & Macro Proofs:- **(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\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-27",
  "historical_clusters": [
    {
      "distance_score": 9.5367431640625e-7,
      "timestamp_ns": 1785196617980727800,
      "date_str": "2026-07-27",
      "url": "https://thru.capital/microstructure/btc/2026-07-27",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.03953624,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0055027008056640625,
      "timestamp_ns": 1780984801932609000,
      "date_str": "2026-06-09",
      "url": "https://thru.capital/microstructure/btc/2026-06-09",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.02929117,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.007328987121582031,
      "timestamp_ns": 1784542205780893200,
      "date_str": "2026-07-20",
      "url": "https://thru.capital/microstructure/btc/2026-07-20",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.02917043,
      "oi_velocity": 0
    }
  ]
}