{
  "title": "Dominant Passive Absorption (BTC) — August 27, 2026",
  "waterfall_summary": "The market's structural stability was characterized by a dominant regime '3' (124025 blocks), indicating a prevailing [Compression](https://thru.capital/ontology#compression-coiling) or low-conviction chop. The most significant structural event was **[Passive Absorption](https://thru.capital/ontology#passive-absorption)**, with 268 instances and a confidence score of 207.8, demonstrating robust bid-side liquidity. Periods of **[Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion)** (59 instances, confidence 44.25) and **[Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade)** (47 instances, confidence 32.9) were also observed, suggesting localized volatility spikes. **[CME_VOL]** was recorded at 45.2 as of 2026-06-24, indicating moderate institutional volatility.\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| Aggregate Market | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | Daily Aggregate | 207.8 | 268 |\n| Aggregate Market | Momentum [Exhaustion](https://thru.capital/ontology#exhaustion-the-fade) | Daily Aggregate | 44.25 | 59 |\n| Aggregate Market | Liquidation Cascade | Daily Aggregate | 32.9 | 47 |\n| Aggregate Market | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | Daily Aggregate | 25.6 | 39 |\n\nAggregate Interpretation: The market exhibited a high frequency of passive absorption, indicating strong underlying demand meeting aggressive selling pressure. Despite this, periods of momentum exhaustion and [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) suggest localized volatility spikes within an overall compressed or low-efficiency environment.\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": "The market's dominant regime was characterized by a high volume of blocks in state '3' (124025 blocks), indicating a prevailing [Compression](https://thru.capital/ontology#compression-coiling) or low-conviction chop. **[Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade)** events (47 instances, confidence 32.9) were detected, suggesting localized unwinding of leveraged positions. Significant capital inflows were observed with **[USDT_MINTS]** totaling 420,000,000 across three distinct transactions on Ethereum, indicating fresh treasury deployment. The overall `oi_velocity` remained at 0.0, suggesting limited open interest [expansion](https://thru.capital/ontology#expansion-discovery) despite the capital inflows.\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)*",
  "cvd_summary": "[Passive Absorption](https://thru.capital/ontology#passive-absorption) was the most prominent structural event, with 268 instances and a confidence score of 207.8, indicating significant passive bid-side liquidity absorbing aggressive sell orders across the aggregate market. The detection of 39 **[Failed Expansion](https://thru.capital/ontology#failed-expansion)** events (confidence 25.6) suggests that attempts to break out of price ranges were met with robust passive resistance, preventing sustained upward momentum. This structural configuration implies a market where aggressive order flow is consistently met by deep orderbook liquidity, preventing significant price dislocations.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-08-27",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1787875056911591000,
      "date_str": "2026-08-27",
      "url": "https://thru.capital/microstructure/btc/2026-08-27",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.30400003,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.009635448455810547,
      "timestamp_ns": 1781468401462742000,
      "date_str": "2026-06-14",
      "url": "https://thru.capital/microstructure/btc/2026-06-14",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.32009352,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.02373504638671875,
      "timestamp_ns": 1783049788780223200,
      "date_str": "2026-07-03",
      "url": "https://thru.capital/microstructure/btc/2026-07-03",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.30674189,
      "oi_velocity": 0
    }
  ]
}