{
  "title": "Passive Absorption Walls in Absorption (BTC) — August 23, 2026",
  "waterfall_summary": "The market maintained a dominant **[Absorption](https://thru.capital/ontology#absorption-the-wall)** regime, accounting for 119230 state blocks, indicating structural stability. Despite this, 26 instances of [Failed Expansion](https://thru.capital/ontology#failed-expansion) were recorded, demonstrating rejected breakout attempts. Localized [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) (48 events) and [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) (38 events) introduced transient volatility within specific venues.\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": "Funding rates on **[Deribit BTC-PERPETUAL]** exhibited persistent negative divergence, indicating sustained short pressure. Conversely, **[Hyperliquid BTC]** recorded a positive funding Z-score, suggesting fragmented sentiment. Despite a prevailing \"Clean\" leverage state, localized [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) on **[OkxInverse BTC-USD]** and **[BybitInverse BTCUSD]** introduced long/short squeeze risks, particularly in inverse perpetuals.\n\nVerified Execution & Macro Proofs:\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": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **[OkxLinear BTC-USDT]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 1 min ago | 0.8000 | efficiency_ratio: 0.1198, [vpin](https://thru.capital/ontology#vpin): 0.7320 |\n| **[Deribit BTC_USDC-PERPETUAL]** | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | 1 min ago | 0.8000 | efficiency_ratio: 0.1164, [vpin](https://thru.capital/ontology#vpin): 0.7243 |\n| **[CoinbaseSpot BTC-USD]** | Passive Absorption | 4 min ago | 0.8000 | efficiency_ratio: 0.1257, vpin: 0.7709 |\n| **[OkxInverse BTC-USD]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2.0 hours ago | 0.7000 | oi_velocity: -25.03, leverage_tier: [Clean](https://thru.capital/ontology#clean-leverage) |\n| **[BybitInverse BTCUSD]** | Liquidation Cascade | 2.0 hours ago | 0.7000 | oi_velocity: -21.48, leverage_tier: Clean |\n| **[OkxInverse BTC-USD]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2s ago | 0.7500 | [OI Velocity](https://thru.capital/ontology#derivatives-reflexivity): -10.50 BPS |\n| **[Bybit BTCUSDT]** | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | 5s ago | 0.7500 | OI Velocity: -26.88 BPS |\n| **[OkxInverse BTC-USD]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 15 minutes ago | 0.6000 | exit_regime: [Indeterminate](https://thru.capital/ontology#indeterminate-ambiguous) |\n| **[Deribit BTC-PERPETUAL]** | Failed [Expansion](https://thru.capital/ontology#expansion-discovery) | 15 minutes ago | 0.6000 | exit_regime: Indeterminate |\n\nPassive liquidity walls were evident across multiple venues, with **[OkxLinear BTC-USDT]**, **[Deribit BTC_USDC-PERPETUAL]**, and **[CoinbaseSpot BTC-USD]** absorbing aggressive selling. Orderbook imbalances manifested as [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) on **[OkxInverse BTC-USD]** and **[BybitInverse BTCUSD]**. [CVD](https://thru.capital/ontology#cvd) divergences were indicated by momentum exhaustion on **[OkxInverse BTC-USD]** and **[Bybit BTCUSDT]**, suggesting depleted informed flow.\n\nVerified 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)*",
  "date": "2026-08-23",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1787529454605002200,
      "date_str": "2026-08-23",
      "url": "https://thru.capital/microstructure/btc/2026-08-23",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.31951186,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.004199981689453125,
      "timestamp_ns": 1786521736838486500,
      "date_str": "2026-08-12",
      "url": "https://thru.capital/microstructure/btc/2026-08-12",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.32355375,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.008070945739746094,
      "timestamp_ns": 1785249905868929800,
      "date_str": "2026-07-28",
      "url": "https://thru.capital/microstructure/btc/2026-07-28",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.32391633,
      "oi_velocity": 0
    }
  ]
}