{
  "title": "Passive Absorption Walls in Expansion (BTC) — September 5, 2026",
  "waterfall_summary": "Market structural stability transitioned through 132,258 state blocks, marked by persistent equilibrium on **[Binance Futures]**. Volatility compressed into the London/NY overlap before resolving via Imbalanced [Expansion](https://thru.capital/ontology#expansion-discovery) (Upside) to reach $79,988.80 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": "Market remains in low-conviction chop with 35 instances of [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) observed across **[Deribit]**. Funding trajectories reflect subdued crowding risk despite upside [expansion](https://thru.capital/ontology#expansion-discovery) reaching $79,821.40 on **[Binance Futures]**.\n\n## Verified Execution & Macro Proofs\n\n• baseline risk-free levels\n• the 10-year Treasury yield",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| :--- | :--- | :--- | :--- | :--- |\n| **[Binance Futures]** / BTC-PERP | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-05T03:05:21 | 174.8 | 223 Events |\n| **[Bybit Linear]** / BTC-PERP | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-09-05T17:33:22 | 26.25 | 35 Events |\n\nPassive bids absorbed aggressive selling during the Asia session on **[Binance Futures]**, preventing downside leakage below $79,531.30. Cumulative volume delta divergences resolved upward as resting liquidity walls on **[Deribit]** facilitated an impulsive move to $79,988.80.\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": "2026-09-05",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1788652670059022300,
      "date_str": "2026-09-05",
      "url": "https://thru.capital/microstructure/btc/2026-09-05",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.82264628,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.011762619018554688,
      "timestamp_ns": 1784712905654363600,
      "date_str": "2026-07-22",
      "url": "https://thru.capital/microstructure/btc/2026-07-22",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.84509697,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.012969017028808594,
      "timestamp_ns": 1783045886606159400,
      "date_str": "2026-07-03",
      "url": "https://thru.capital/microstructure/btc/2026-07-03",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.81465765,
      "oi_velocity": 0
    }
  ]
}