{
  "title": "Passive Absorption (BTC) — August 24, 2026",
  "waterfall_summary": "The market was predominantly in an [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, accounting for 120,743 state blocks, indicating sustained passive liquidity provision against aggressive flow. Despite this structural stability, localized volatility was introduced by 90 [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) and 47 [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) events, with a confidence of 63.0 and 35.25 respectively. The overall structural stability was characterized by Absorption, with minor [Compression](https://thru.capital/ontology#compression-coiling) (10,194 blocks) and limited [Expansion](https://thru.capital/ontology#expansion-discovery) (237 blocks) observed across instruments.\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": "[Elevated](https://thru.capital/ontology#elevated-leverage) funding rates were observed on **[Hyperliquid BTC]** (+1.75 Z) and **[Deribit BTC_USDC-PERPETUAL]** (+1.28 Z), indicating concentrated long crowdedness and increased cost of carry. This led to multiple localized [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) on **[Bybit BTCUSDT]** ([OI velocity](https://thru.capital/ontology#derivatives-reflexivity) -20.71 BPS), **[Hyperliquid BTC]** (OI velocity -50.52 BPS), and **[OkxInverse BTC-USD]** (OI velocity -27.33 BPS), signaling active deleveraging and short-term squeeze risks. Despite an overall \"[Clean](https://thru.capital/ontology#clean-leverage)\" leverage state, specific venues exhibited \"Elevated\" leverage, contributing to these unwinds.\n\nVerified Execution & Macro Proofs\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• 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": "```markdown\nVenue/Instrument | Event Type | Recency | Confidence | Key Metric\n---|---|---|---|---\n**[Deribit Options [297]]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 6 minutes ago | 0.8000 | efficiency_ratio: 0.1429\n**[Bybit BTCUSDT]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 1.3 hours ago | 0.7000 | oi_velocity: -20.71\n**[Hyperliquid BTC]** | Liquidation Cascade | 1.3 hours ago | 0.7000 | oi_velocity: -37.95\n**[OkxInverse BTC-USD]** | Liquidation Cascade | 1 minutes ago | 0.7000 | oi_velocity: -27.33\n**[BybitInverse BTCUSD]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 1 minutes ago | 0.7500 | oi_velocity: -17.16\n**[Deribit BTC_USDC-PERPETUAL]** | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | 2 minutes ago | 0.8000 | efficiency_ratio: 0.0469\n**[Hyperliquid BTC]** | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | 15 minutes ago | 0.7500 | cvd_divergence: 0.6997\n```\nPassive liquidity walls were dominant, with 219 instances of Passive Absorption detected across venues like **[Deribit Options]** and **[BybitInverse BTCUSD]**, indicating sustained institutional bid-side order flow. Despite this, localized orderbook imbalances led to 90 [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) on **[Bybit BTCUSDT]**, **[Hyperliquid BTC]**, and **[OkxInverse BTC-USD]**, where aggressive selling overwhelmed temporary liquidity. A [CVD](https://thru.capital/ontology#cvd) divergence of 0.6997 was observed during Momentum Exhaustion on **[Hyperliquid BTC]**, signaling a disconnect between price action and cumulative volume delta.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-08-24",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1787615851801484300,
      "date_str": "2026-08-24",
      "url": "https://thru.capital/microstructure/btc/2026-08-24",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.00099487,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.07099151611328125,
      "timestamp_ns": 1783111203526154800,
      "date_str": "2026-07-03",
      "url": "https://thru.capital/microstructure/btc/2026-07-03",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.02770418,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.16791725158691406,
      "timestamp_ns": 1784341604279837700,
      "date_str": "2026-07-18",
      "url": "https://thru.capital/microstructure/btc/2026-07-18",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.07017775,
      "oi_velocity": 0
    }
  ]
}