{
  "title": "Passive Absorption in Imbalanced Expansion (BTC) — September 07, 2026",
  "waterfall_summary": "Daily structural telemetry across **Binance Futures** indicates dominant [passive absorption](https://thru.capital/ontology#passive-absorption) with 285 registered occurrences anchoring the auction. State distribution reflects prolonged consolidation within regime 3, punctuated by an Asia session [liquidation cascade](https://thru.capital/ontology#liquidation-cascade) hitting **Bybit Linear** at a price of $79,169.00. Volatility metrics register a CME BTC volatility baseline of 45.2 index points.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Market remains in low-conviction chop. Squeeze risks neutralized by sustained orderbook equilibration across **Deribit** positioning tiers. Funding trajectories remained compressed as price drifted toward the daily wrap low of $78,797.00.",
  "cvd_summary": "Aggressive selling during the **Bybit Linear** [liquidation cascade](https://thru.capital/ontology#liquidation-cascade) was absorbed by passive bid walls at $79,137.00 during the US cash open. \n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| --- | --- | --- | --- | --- |\n| Binance Futures / BTCUSDT | Liquidation Cascade | 2026-09-07T07:33:47 | 6500.0% | $79,169.00 |\n| Bybit Linear / BTCUSDT | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-07T14:58:22 | 65.0% | $79,183.10 |\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*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-09-07",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1788825470290789400,
      "date_str": "2026-09-07",
      "url": "https://thru.capital/microstructure/btc/2026-09-07",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.31196748,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.032611846923828125,
      "timestamp_ns": 1787052906674393300,
      "date_str": "2026-08-18",
      "url": "https://thru.capital/microstructure/btc/2026-08-18",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.32070946,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.03373241424560547,
      "timestamp_ns": 1783647994090913300,
      "date_str": "2026-07-10",
      "url": "https://thru.capital/microstructure/btc/2026-07-10",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.27534892,
      "oi_velocity": 0
    }
  ]
}