{
  "title": "Passive Absorption in Compression (BTC) — August 01, 2026",
  "waterfall_summary": "The market maintained a dominant [Absorption](https://thru.capital/ontology#absorption-the-wall) regime with a 93% venue consensus, characterized by high structural stability. Volatility remained contained despite 34 instances of [failed expansion](https://thru.capital/ontology#failed-expansion) and 29 instances of [momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion), indicating rejected breakout attempts and depleted aggressive flow. Historical analogs from **[[2026-07-05 05:00 UTC](https://thru.capital/microstructure/btc/2026-07-05#05-00)]** and **[[2026-05-30 21:00 UTC](https://thru.capital/microstructure/btc/2026-05-30#21-00)]** suggest that similar Absorption regimes with [clean leverage](https://thru.capital/ontology#clean-leverage) previously resolved without significant volatility, reinforcing the current consolidation pattern.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 trajectories exhibited significant divergences, with **[Bybit BTCPERP]** registering an elevated funding Z-score of +2.35 and **[BinanceCoinM BTCUSD_PERP]** showing a negative divergence of -2.09 Z. Crowdedness was localized, with **[Bybit BTCPERP]** and **[OkxLinear BTC-USDT]** displaying [elevated leverage](https://thru.capital/ontology#elevated-leverage), while most other venues maintained [clean leverage](https://thru.capital/ontology#clean-leverage). Long/short squeeze risks were present due to these funding imbalances and declining [OI velocity](https://thru.capital/ontology#derivatives-reflexivity), particularly on **[OkxLinear BTC-USDT]** where a [failed expansion](https://thru.capital/ontology#failed-expansion) with +28.96 BPS OI velocity indicated aggressive flow hitting resistance.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)",
  "cvd_summary": "Passive liquidity walls were dominant across multiple venues, with **[Deribit BTC_USDC-PERPETUAL]** and **[CoinbaseSpot BTC-USD]** exhibiting high VPIN values of 1.00 and 0.8350 respectively, indicating strong absorption of aggressive selling. Orderbook imbalances were evident as **[OkxLinear BTC-USDT]** recorded a failed expansion with an Indeterminate exit regime, while **[Hyperliquid BTC]** showed CVD divergence alongside [momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion) with [OI Velocity](https://thru.capital/ontology#derivatives-reflexivity) at -19.57 BPS.  | Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric ||---|---|---|---|---|| **[Deribit BTC_USDC-PERPETUAL]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 1 min ago | 0.8000 | efficiency_ratio: 0.00, [vpin](https://thru.capital/ontology#vpin): 1.00 || **[CoinbaseSpot BTC-USD]** | Passive Absorption | 4 min ago | 0.8000 | efficiency_ratio: 0.0815, vpin: 0.8350 || **[BinanceCoinM BTCUSD_PERP]** | Passive Absorption | 4 min ago | 0.8000 | efficiency_ratio: 0.0746, vpin: 0.7889 || **[OkxLinear BTC-USDT]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 5 min ago | 0.6000 | exit_regime: [Indeterminate](https://thru.capital/ontology#indeterminate-ambiguous) || **[OkxInverse BTC-USD]** | Failed Expansion | 25 min ago | 0.6000 | exit_regime: Indeterminate || **[OkxLinear BTC-USDT]** | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | 5 min ago | 0.7500 | oi_velocity: -22.03 || **[Hyperliquid BTC]** | Momentum Exhaustion | 9 min ago | 0.7500 | OI Velocity: -19.57 BPS || **[Binance BTCUSDC]** | Momentum Exhaustion | 25 min ago | 0.7500 | oi_velocity: -11.85 BPS |\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-08-01",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1785628625959128000,
      "date_str": "2026-08-01",
      "url": "https://thru.capital/microstructure/btc/2026-08-01",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.23374341,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.005059242248535156,
      "timestamp_ns": 1785019805807478800,
      "date_str": "2026-07-25",
      "url": "https://thru.capital/microstructure/btc/2026-07-25",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.23646409,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0110015869140625,
      "timestamp_ns": 1785627305841962800,
      "date_str": "2026-08-01",
      "url": "https://thru.capital/microstructure/btc/2026-08-01",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.2411647,
      "oi_velocity": 0
    }
  ]
}