{
  "title": "Passive Absorption Dominance (BTC) — August 25, 2026",
  "waterfall_summary": "The market maintained a dominant [Absorption](https://thru.capital/ontology#absorption-the-wall) regime, evidenced by high venue consensus and 122,222 state blocks. Despite this, 92 [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) and 76 [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) events were detected across **[Deribit BTC-PERPETUAL]**, **[BybitInverse BTCUSD]**, **[OkxInverse BTC-USD]**, and **[Hyperliquid BTC]**, indicating localized deleveraging and waning aggressive directional flow. The overall leverage state remained predominantly Clean, though pockets of [Elevated leverage](https://thru.capital/ontology#elevated-leverage) were detected on **[OkxInverse BTC-USD]** and **[BybitInverse BTCUSD]**.\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 exhibited significant divergence, with **[Binance BTCUSDT]** showing persistent negative funding (e.g., -1.73 Z) while **[Bybit BTCUSDT]** funding reached +1.18 Z, indicating localized long crowdedness. Open Interest velocity on **[Bybit BTCPERP]** recorded significant negative values (e.g., -167.5 BPS), suggesting active deleveraging. These funding and OI divergences indicate localized derivatives stress and potential for short-term volatility despite the broader [Absorption](https://thru.capital/ontology#absorption-the-wall) regime.\n* **(See Verified Execution below)**\n\n## Verified Execution & Macro Proofs\n\n• baseline risk-free levels",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **[BybitInverse BTCUSD]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-08-25 23:57 | 0.8000 | efficiency_ratio: 0.0699 |\n| **[Bybit BTCPERP]** | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | 2026-08-25 23:57 | 0.8000 | efficiency_ratio: 0.0489 |\n| **[OkxSpot BTC-USDT]** | Passive Absorption | 2026-08-25 23:57 | 0.8000 | efficiency_ratio: 0.0560 |\n| **[Hyperliquid BTC]** | Passive Absorption | 2026-08-25 23:57 | 0.8000 | efficiency_ratio: 0.0963 |\n| **[Deribit BTC_USDC-PERPETUAL]** | Passive Absorption | 2026-08-25 23:57 | 0.8000 | efficiency_ratio: 0.0644 |\n| **[Deribit BTC-PERPETUAL]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-08-25 23:39 | 0.7000 | oi_velocity: -43.91 |\n| **[Bybit BTCPERP]** | Liquidation Cascade | 2026-08-25 23:48 | 0.7000 | oi_velocity: -28.80 |\n| **[BybitInverse BTCUSD]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-08-25 23:32 | 0.7500 | efficiency_ratio: 0.1968 |\n\nThe market exhibited widespread Passive Absorption across multiple venues, including **[Deribit]**, **[Bybit]**, **[BinanceSpot]**, and **[Okx]**, indicating robust underlying bid liquidity. However, this was counterbalanced by significant [Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade) on **[Bybit BTCPERP]**, **[Hyperliquid BTC]**, and **[Deribit BTC-PERPETUAL]**, alongside Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) on **[BybitInverse BTCUSD]**, suggesting active deleveraging and waning aggressive directional flow. The coexistence of strong passive buying with reactive selling indicates a structural battle for price control.\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": "2026-08-25",
  "historical_clusters": [
    {
      "distance_score": 4.76837158203125e-7,
      "timestamp_ns": 1787702255894124300,
      "date_str": "2026-08-25",
      "url": "https://thru.capital/microstructure/btc/2026-08-25",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.39362712,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.005161762237548828,
      "timestamp_ns": 1787145745898470400,
      "date_str": "2026-08-19",
      "url": "https://thru.capital/microstructure/btc/2026-08-19",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.40143462,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.009845733642578125,
      "timestamp_ns": 1782743402931067100,
      "date_str": "2026-06-29",
      "url": "https://thru.capital/microstructure/btc/2026-06-29",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.39576547,
      "oi_velocity": 0
    }
  ]
}