{
  "title": "Passive Absorption in Imbalanced Expansion (BTC) — August 31, 2026",
  "waterfall_summary": "Daily structural telemetry across **[Deribit]** and **[Binance Futures]** registered 129,767 state blocks in regime 3, reflecting dominant structural efficiency and orderly auction progression. The session transitioned from early morning downside liquidation velocity into a late-day upside [expansion](https://thru.capital/ontology#expansion-discovery) peaking at $78,942.90 on **[Bybit Linear]**.\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": "Leverage positioning exhibited acute stress during the early Asia session [liquidation cascade](https://thru.capital/ontology#liquidation-cascade) before consolidating into neutral asymmetry tiers. Market remains in low-conviction chop across intermediate intervals, redirecting analytical focus toward 255 discrete [passive absorption](https://thru.capital/ontology#passive-absorption) prints.\n\n## Verified Execution & Macro Proofs\n\n• baseline risk-free levels\n• the 10-year Treasury yield\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| **[Binance Futures]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-08-31T21:33:32 | 197.6 | 255 Total Prints |\n| **[Bybit Linear]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-08-31T23:43:24 | 42.75 | 57 Total Prints |\n| **[Deribit]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-08-31T02:58:39 | 20.3 | 29 Total Prints |\n\nPassive liquidity walls absorbed aggressive selling at the $77,441.30 low on **[Deribit]** prior to initiating a sustained upward [CVD](https://thru.capital/ontology#cvd) divergence. Orderbook imbalances stabilized as institutional bids intercepted structural sell programs during the **[Bybit Linear]** London fix.\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": "2026-08-31",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1788220661835061000,
      "date_str": "2026-08-31",
      "url": "https://thru.capital/microstructure/btc/2026-08-31",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.13100781,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.00806427001953125,
      "timestamp_ns": 1783876898104855000,
      "date_str": "2026-07-12",
      "url": "https://thru.capital/microstructure/btc/2026-07-12",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.13622275,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.06132698059082031,
      "timestamp_ns": 1782262278835009500,
      "date_str": "2026-06-24",
      "url": "https://thru.capital/microstructure/btc/2026-06-24",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.09939888,
      "oi_velocity": 0
    }
  ]
}