{
  "title": "Passive Absorption in Downside Expansion (BTC) — August 28, 2026",
  "waterfall_summary": "The market initiated in a **Balanced / [Compression](https://thru.capital/ontology#compression-coiling)** regime at 80330.5, transitioning to an **Imbalanced [Expansion](https://thru.capital/ontology#expansion-discovery) (Downside)** by the US Cash Open at 78568.8. This downside expansion persisted through the London Fix, culminating in a 3.2% price depreciation to 77702.5 by the daily wrap. The dominant regime for the period was Imbalanced Expansion, accounting for 126807 state blocks, indicating sustained directional pressure.\n\n**Verified 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)",
  "radar_summary": "A **[Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade)** event was detected with 89 instances and 62.3 confidence, notably following the initial Asia session and again during the London Open. Order flow asymmetry shifted from a **Bearish-leaning** posture at the London Open to **Bullish (short-term defense)** by the final regime shift at 23:27 UTC, indicating a potential short-term mean reversion attempt after sustained downside pressure. The market experienced a significant leverage flush during the early UTC hours, evidenced by the **Post-liquidation / Transition** regime at 01:01 UTC.\n\n**Verified 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": "The market was characterized by significant **[Passive Absorption](https://thru.capital/ontology#passive-absorption)** events, totaling 233 instances with 181.2 confidence, particularly evident during the **Imbalanced [Expansion](https://thru.capital/ontology#expansion-discovery) (Downside)**. Passive bids consistently met aggressive selling pressure, notably at 14:16 UTC at 78568.8 and again at 17:44 UTC at 77757.5, where order flow asymmetry transitioned to **Neutral to Slightly Bullish**. These [absorption](https://thru.capital/ontology#absorption-the-wall) phases provided short-term defense against the broader downside trend, with the final regime shift at 23:27 UTC showing **Bullish (short-term defense)** order flow asymmetry at 77676.2.\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **BTC Cross-Venue** | Liquidation Event | 2026-08-28T01:01:34 | 62.3 | 80622.8 |\n| **BTC Cross-Venue** | Absorption Event | 2026-08-28T08:54:52 | 181.2 | 79565.3 |\n| **BTC Cross-Venue** | Absorption within Downside Expansion | 2026-08-28T14:16:17 | 181.2 | 78568.8 |\n| **BTC Cross-Venue** | Absorption within Downside Expansion | 2026-08-28T17:44:33 | 181.2 | 77757.5 |\n| **BTC Cross-Venue** | Absorption within Downside Expansion | 2026-08-28T21:44:13 | 181.2 | 77452.7 |\n| **BTC Cross-Venue** | Absorption within Downside Expansion | 2026-08-28T23:27:32 | 181.2 | 77676.2 |\n\n**Verified 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": "2026-08-28",
  "historical_clusters": [
    {
      "distance_score": 9.5367431640625e-7,
      "timestamp_ns": 1787961462256796400,
      "date_str": "2026-08-28",
      "url": "https://thru.capital/microstructure/btc/2026-08-28",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.71502762,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.018095970153808594,
      "timestamp_ns": 1786229535349863200,
      "date_str": "2026-08-08",
      "url": "https://thru.capital/microstructure/btc/2026-08-08",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.7007273,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.02166461944580078,
      "timestamp_ns": 1786389906737766400,
      "date_str": "2026-08-10",
      "url": "https://thru.capital/microstructure/btc/2026-08-10",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.7075639,
      "oi_velocity": 0
    }
  ]
}