{
  "title": "Passive Absorption Walls in Compression (BTC) — September 4, 2026",
  "waterfall_summary": "During the Asia session initialization at **[Binance Futures]**, price action registered an initial balance at $81,100.00 under an Imbalanced Expansion regime, before transitioning into repeated [passive absorption](https://thru.capital/ontology#passive-absorption) cycles across **[Bybit Linear]**. By the US cash open, order flow shifted to a downside expansion reaching $79,415.00, eventually settling into a structural [compression](https://thru.capital/ontology#compression-coiling) wrap at $79,626.60 by session close. Market remains in low-conviction chop.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Intraday telemetry tracked shifting leverage tiers, with the **[Deribit]** venue noting institutional positioning adjustments as regime blocks transitioned from upside expansion to [exhaustion](https://thru.capital/ontology#exhaustion-the-fade) at $79,525.1.",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| :--- | :--- | :--- | :--- | :--- |\n| **[Binance Futures]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-04T04:05:40 | 193.8 | 250 Events |\n| **[Bybit Linear]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-09-04T12:53:52 | 53.4 | 76 Events |\n| **[Deribit]** | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-09-04T17:32:32 | 35.25 | 47 Events |\n\nAggregated L2 telemetry on **[Binance Futures]** confirms aggressive sell-side execution was met with passive bid [absorption](https://thru.capital/ontology#absorption-the-wall), neutralizing upside velocity before transitioning into downside [expansion](https://thru.capital/ontology#expansion-discovery).\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))\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-09-04",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1788566265752888800,
      "date_str": "2026-09-04",
      "url": "https://thru.capital/microstructure/btc/2026-09-04",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.03672609,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0006923675537109375,
      "timestamp_ns": 1784487104285302000,
      "date_str": "2026-07-19",
      "url": "https://thru.capital/microstructure/btc/2026-07-19",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.03264866,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0020751953125,
      "timestamp_ns": 1784233805276908300,
      "date_str": "2026-07-16",
      "url": "https://thru.capital/microstructure/btc/2026-07-16",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.03892567,
      "oi_velocity": 0
    }
  ]
}