{
  "title": "Passive Absorption in Absorption (BTC) — July 29, 2026",
  "waterfall_summary": "The market maintained a dominant [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, accounting for 91451 state blocks, indicating a period of structural stability through passive liquidity provision. Despite this, 9195 blocks were observed in [Compression](https://thru.capital/ontology#compression-coiling), alongside 242 blocks in [Expansion](https://thru.capital/ontology#expansion-discovery). The day was characterized by significant [Passive Absorption](https://thru.capital/ontology#passive-absorption) events, with 242 instances recorded at 188.6 confidence, meeting sell-side pressure. However, 58 [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) and 39 [Failed Expansion](https://thru.capital/ontology#failed-expansion) attempts, with confidence scores of 40.6 and 27.0 respectively, introduced localized volatility and structural fragility.\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| Multiple Venues | Passive Absorption | Throughout Day | 188.6 | Count: 242 |\n| Multiple Venues | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | Throughout Day | 40.6 | Count: 58 |\n| Multiple Venues | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | Throughout Day | 40.5 | Count: 54 |\n| Multiple Venues | Failed Expansion | Throughout Day | 27.0 | Count: 39 |\n\nVerified Execution & Macro Proofs\n\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)*",
  "radar_summary": "Funding trajectories exhibited significant divergences, with **[Bybit BTCPERP]** recording a -4.03 Z divergence indicating short-side pressure, while **[Deribit BTC_USDC-PERPETUAL]** showed a +1.47 Z divergence reflecting elevated long interest. Despite a predominantly Clean leverage state across the market, pockets of Elevated leverage were identified on **[Binance BTCUSDC]** with a +58.32 BPS OI velocity, posing localized deleveraging risks. The presence of 58 [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) and 54 [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) events throughout the day confirms periods of reactive flow and potential long/short squeeze risks.Verified Execution & Macro Proofs\n\n* **(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": "Passive liquidity walls were the dominant microstructure event, with 242 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) recorded at 188.6 confidence across multiple venues, notably **[Deribit]** options and futures. This indicates a persistent structural bid absorbing aggressive selling pressure. Concurrently, several [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) events, some exhibiting [CVD](https://thru.capital/ontology#cvd) divergences up to 0.7490, suggested periods where aggressive buying or selling depleted, leading to orderbook imbalances.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-07-29",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1785369418388714200,
      "date_str": "2026-07-29",
      "url": "https://thru.capital/microstructure/btc/2026-07-29",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.09805998,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.02887725830078125,
      "timestamp_ns": 1783314690489630200,
      "date_str": "2026-07-06",
      "url": "https://thru.capital/microstructure/btc/2026-07-06",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.07347169,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.051380157470703125,
      "timestamp_ns": 1783656904717039000,
      "date_str": "2026-07-10",
      "url": "https://thru.capital/microstructure/btc/2026-07-10",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.10504615,
      "oi_velocity": 0
    }
  ]
}