{
  "title": "Passive Absorption in Balance (BTC) — September 12, 2026",
  "waterfall_summary": "Macro regime distribution reflects dominant structural balance across 145,024 state blocks on **[Deribit]**, with low-conviction chop dictating overall auction efficiency. Volatility remains contained as observed via [45.20 bps (Source Date: 2026-06-24)](https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.html) tracking at 45.2. Historical nearest-neighbor alignment points directly to the structural template recorded on 2026-07-05.",
  "radar_summary": "Funding trajectories and positioning metrics remain tightly bound within neutral asymmetry bounds across **[Binance Futures]**. Squeeze risks are neutralized by persistent low-velocity order flow, with leverage tiers registering zero [expansion](https://thru.capital/ontology#expansion-discovery). Execution integrity is further verified through baseline risk-free levels and the 10-year Treasury yield risk benchmarks.",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **[Bybit Linear]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-12T06:50:41 | 124.0 | 157 Events |\n| **[Binance Futures]** | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 2026-09-12T19:38:47 | 18.6 | 29 Events |\n\nPassive bids absorbed aggressive selling across **[Binance Futures]** during the 19:38 UTC downside imbalance, neutralizing bearish [CVD](https://thru.capital/ontology#cvd) divergences at the $77,060.10 reference price. Treasury inflows corroborate stable capital allocation via 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": "2026-09-12",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1789257480114208300,
      "date_str": "2026-09-12",
      "url": "https://thru.capital/microstructure/btc/2026-09-12",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.13883156,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0016279220581054688,
      "timestamp_ns": 1783238188650706700,
      "date_str": "2026-07-05",
      "url": "https://thru.capital/microstructure/btc/2026-07-05",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.1425806,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0038847923278808594,
      "timestamp_ns": 1782470102018650600,
      "date_str": "2026-06-26",
      "url": "https://thru.capital/microstructure/btc/2026-06-26",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.14786593,
      "oi_velocity": 0
    }
  ]
}