{
  "title": "Passive Absorption in Compression (BTC) — August 29, 2026",
  "waterfall_summary": "Market remains in low-conviction chop across primary execution venues. Volatility tracking on **[Deribit]** anchored at 45.2 index points alongside persistent structural [compression](https://thru.capital/ontology#compression-coiling). Regime distribution displays overwhelming dominance of state block 3 with 129,544 occurrences, confirming institutional range-bound consolidation.\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• 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))",
  "radar_summary": "Crowdedness metrics on **[Binance Futures]** indicate neutral order flow asymmetry with baseline signal strengths hovering near 50%. Squeeze risk remains neutralized due to compressed [efficiency ratios](https://thru.capital/ontology#delta-efficiency) failing to breach directional thresholds. Funding trajectories maintain linear stability across venue books.\n\n## Verified Execution & Macro Proofs\n\n• baseline risk-free levels",
  "cvd_summary": "Passive participants absorbed aggressive selling on **[Bybit Linear]** via persistent iceberg layering within value area bounds. L2 telemetry identifies structural accumulation matching historical analogues from 2026-08-15.\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| :--- | :--- | :--- | :--- | :--- |\n| **[Binance Futures]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-08-29T00:04:02 | 182.0 | 230 Events |\n| **[Bybit Linear]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 2026-08-29T06:55:04 | 32.6 | 51 Events |\n\nAggregated metrics confirm aggressive bids absorbed selling pressure while orderbook imbalances remained range-bound.\n\n## Verified Execution & Macro Proofs\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-08-29",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1788047858839676200,
      "date_str": "2026-08-29",
      "url": "https://thru.capital/microstructure/btc/2026-08-29",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.14206477,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.04583536833524704,
      "timestamp_ns": 1786831040585349000,
      "date_str": "2026-08-15",
      "url": "https://thru.capital/microstructure/btc/2026-08-15",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.10673674,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.047058820724487305,
      "timestamp_ns": 1786555806349003500,
      "date_str": "2026-08-12",
      "url": "https://thru.capital/microstructure/btc/2026-08-12",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.11163556,
      "oi_velocity": 0
    }
  ]
}