{
  "title": "Passive Absorption (BTC) — August 2, 2026",
  "waterfall_summary": "The market maintained a dominant **[Absorption](https://thru.capital/ontology#absorption-the-wall)** regime, accounting for 97997 state blocks, indicating persistent passive liquidity walls. This structural stability was punctuated by 40 instances of **[Failed Expansion](https://thru.capital/ontology#failed-expansion)** and 28 instances of **[Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion)**, suggesting price rejection and depleted aggressive buying interest. Volatility, as measured by **[CME_BTC_VOL]**, registered at 45.2 as of 2026-06-24.\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|:-----------------|:-----------|:-----------|:-----------|:-----------|\n| Aggregate Market | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | Daily Aggregate | 207.2 | Count: 264 |\n| Aggregate Market | Failed [Expansion](https://thru.capital/ontology#expansion-discovery) | Daily Aggregate | 25.8 | Count: 40 |\n| Aggregate Market | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | Daily Aggregate | 21.0 | Count: 28 |\n| Aggregate Market | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | Daily Aggregate | 11.2 | Count: 16 |\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": "[Elevated](https://thru.capital/ontology#elevated-leverage) funding rates were observed on **[Deribit BTC_USDC-PERPETUAL]** (up to +2.04 Z), **[Binance BTCUSDC]** (+1.84 Z), and **[Bybit BTCPERP]** (+1.52 Z), indicating a crowded long bias on these venues. This elevated funding, coupled with a significant [Open Interest (OI) velocity](https://thru.capital/ontology#derivatives-reflexivity) decline of -41.50 BPS on **[Deribit BTC_USDC-PERPETUAL]**, created vulnerability for long positions. This risk materialized in 16 instances of [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) across the aggregate market, confirming active deleveraging.Verified Execution & Macro Proofs:\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\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 prominent, with 264 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) detected across the aggregate market, indicating consistent [absorption](https://thru.capital/ontology#absorption-the-wall) of aggressive selling by passive bids. Orderbook imbalances were characterized by this persistent passive buying against reactive flow. Intraday analysis revealed [CVD](https://thru.capital/ontology#cvd) divergences on **[Hyperliquid BTC]** (0.6314) and **[Bybit BTCPERP]** (0.6174) during [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) events, suggesting a disconnect between price action and cumulative volume delta despite the absorption phase.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-08-02",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1785715028601564200,
      "date_str": "2026-08-02",
      "url": "https://thru.capital/microstructure/btc/2026-08-02",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.02682929,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.03184700012207031,
      "timestamp_ns": 1781306768472989400,
      "date_str": "2026-06-12",
      "url": "https://thru.capital/microstructure/btc/2026-06-12",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.00390815,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.03911781311035156,
      "timestamp_ns": 1781406301409152000,
      "date_str": "2026-06-14",
      "url": "https://thru.capital/microstructure/btc/2026-06-14",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.02698066,
      "oi_velocity": 0
    }
  ]
}