{
  "title": "Passive Absorption Walls in Balance (BTC) — September 11, 2026",
  "waterfall_summary": "Market structure displayed persistent structural stability with dominant [passive absorption](https://thru.capital/ontology#passive-absorption) across **[Binance Futures]** and **[Bybit Linear]**, registering 285 absorption blocks against 58 [liquidation cascades](https://thru.capital/ontology#liquidation-cascade). The macro environment reflected muted institutional hedging as **[Deribit]** options volatility anchored near 45.2. Historical analog alignment with 2026-09-11 confirmed low-velocity baseline distribution across 144,102 state blocks.\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)*",
  "radar_summary": "Market remains in low-conviction chop with neutral-bullish order flow asymmetry peaking at 75% signal strength during the 11:16 UTC regime shift on **[Binance Futures]**. Liquidation risk remained contained despite a minor cascade event at 13:36 UTC on **[Bybit Linear]** with a reference price of $77,266.20. Funding trajectories across institutional venues held baseline parity.\n\n## Verified Execution & Macro Proofs\n\n• baseline risk-free levels",
  "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) | 2026-09-11T00:30:33 | 221.2 | 76817.40 USD |\n| Bybit Linear / BTC-USDT | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-09-11T13:36:55 | 41.6 | 77266.20 USD |\n\nPassive liquidity walls absorbed aggressive selling on **[Binance Futures]** while **[Bybit Linear]** orderbook imbalances maintained a neutral auction state. Cumulative Volume Delta divergences remained flat during the London fix as bids successfully absorbed aggressive distribution at the $77,051.10 baseline.\n\n## Verified Execution & Macro Proofs\n\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)*",
  "date": "2026-09-11",
  "historical_clusters": [
    {
      "distance_score": 9.5367431640625e-7,
      "timestamp_ns": 1789171075887090700,
      "date_str": "2026-09-11",
      "url": "https://thru.capital/microstructure/btc/2026-09-11",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.06416668,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.004384040832519531,
      "timestamp_ns": 1784632005225444600,
      "date_str": "2026-07-21",
      "url": "https://thru.capital/microstructure/btc/2026-07-21",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.06315776,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.007645606994628906,
      "timestamp_ns": 1788767870700581400,
      "date_str": "2026-09-07",
      "url": "https://thru.capital/microstructure/btc/2026-09-07",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.06041231,
      "oi_velocity": 0
    }
  ]
}