{
  "title": "Persistent Passive Absorption (BTC) — August 26, 2026",
  "waterfall_summary": "The market maintained a dominant **[Absorption](https://thru.capital/ontology#absorption-the-wall)** regime, evidenced by 123,087 state blocks and 233 detected [Passive Absorption](https://thru.capital/ontology#passive-absorption) events. Despite localized **[Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade)** on **[Deribit BTC-PERPETUAL]**, **[Bybit BTCUSDT]**, and **[BinanceCoinM BTCUSD_PERP]**, the overall structural stability remained within a compressed range, with 69 instances of **[Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion)** indicating depleted directional conviction. The market's primary state was characterized by passive institutional buying absorbing sell-side pressure.\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 **[Bybit BTCPERP]** showing an elevated +2.57 Z-score, indicating aggressive long positioning, while **[Binance BTCUSDT]** registered a negative -1.92 Z-score, suggesting short-side pressure. Aggregate Open Interest contracted by -14.09 BPS, reflecting deleveraging across perpetual venues despite a positive aggregate funding rate of 0.307 BPS. This conflicting leverage profile, alongside 61 **[Liquidation Cascades](https://thru.capital/ontology#liquidation-cascade)** on **[Deribit BTC-PERPETUAL]**, **[Bybit BTCUSDT]**, and **[BinanceCoinM BTCUSD_PERP]**, indicates localized crowdedness and short-term squeeze risks within an otherwise **[Clean](https://thru.capital/ontology#clean-leverage)** leverage environment.\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• [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)*",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|:-----------------|:-----------|:-----------|:-----------|:-----------|\n| **[Hyperliquid BTC]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 42s ago | 0.8000 | efficiency_ratio: 0.0780 |\n| **[OkxSpot BTC-USDT]** | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | 39s ago | 0.6000 | efficiency_ratio: 0.0656 |\n| **[Deribit BTC-PERPETUAL]** | Passive Absorption | 6 minutes ago | 0.8000 | efficiency_ratio: 0.0544 |\n| **[Deribit BTC-PERPETUAL]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 1 minutes ago | 0.7500 | oi_velocity: -10.65 |\n| **[Bybit BTCPERP]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 18 minutes ago | 0.7000 | oi_velocity: -83.37 |\n| **[OkxInverse BTC-USD]** | Liquidation Cascade | 20 minutes ago | 0.7000 | oi_velocity: -22.69 |\n\nThe market exhibited a significant divergence between spot and perpetual CVDs, with aggregated spot [CVD](https://thru.capital/ontology#cvd) at +25.43 indicating robust aggressive buying, while perpetual CVD registered -37.33, reflecting aggressive selling or deleveraging. This dynamic was underpinned by a bid-ask depth ratio of 2.258, signifying thick bid-side liquidity and \"Stacking Bids\" across venues. Passive absorption events were consistently detected on **[Hyperliquid BTC]**, **[OkxSpot BTC-USDT]**, and **[Deribit BTC-PERPETUAL]**, forming structural walls against the derivatives-led selling pressure.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-08-26",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1787788653267550200,
      "date_str": "2026-08-26",
      "url": "https://thru.capital/microstructure/btc/2026-08-26",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.0607579,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.027930203825235367,
      "timestamp_ns": 1785029406208687400,
      "date_str": "2026-07-26",
      "url": "https://thru.capital/microstructure/btc/2026-07-26",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.032974,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.04263050854206085,
      "timestamp_ns": 1782615082141135600,
      "date_str": "2026-06-28",
      "url": "https://thru.capital/microstructure/btc/2026-06-28",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.08805538,
      "oi_velocity": 0
    }
  ]
}