{
  "title": "Passive Absorption Walls in Expansion (BTC) — September 14, 2026",
  "waterfall_summary": "During the Asia session, **[Binance Futures]** registered an initial bearish imbalance at $76,462.40 before transitioning through an [exhaustion](https://thru.capital/ontology#exhaustion-the-fade) milestone at $76,718.70. Market efficiency remained constrained as structural blocks registered predominantly in low-conviction chop. Volatility metrics across **[Deribit]** indicated steady [expansion](https://thru.capital/ontology#expansion-discovery) toward the US cash open at $78,497.90.",
  "radar_summary": "[Liquidation cascades](https://thru.capital/ontology#liquidation-cascade) forced short-term structural resets at $77,764.00 on **[Bybit Linear]**, reducing aggressive leverage imbalances. Funding trajectories stabilized following the London fix as order flow asymmetry normalized from bearish reversion to neutral-bullish posture.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "cvd_summary": "Aggressive selling was successfully absorbed by passive limit walls on **[Binance Futures]**, preventing further downside acceleration during the Asia initial balance. \n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| :--- | :--- | :--- | :--- | :--- |\n| **[Binance Futures]** BTC-PERP | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-14T12:43:38 | 125.0 | 159 structural blocks |\n| **[Bybit Linear]** BTC-PERP | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-09-14T03:09:37 | 34.3 | 49 liquidations |\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": "2026-09-14",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1789430282085912000,
      "date_str": "2026-09-14",
      "url": "https://thru.capital/microstructure/btc/2026-09-14",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.0468914,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0012621879577636719,
      "timestamp_ns": 1782127802109301000,
      "date_str": "2026-06-22",
      "url": "https://thru.capital/microstructure/btc/2026-06-22",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.05229914,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.002991199493408203,
      "timestamp_ns": 1783024886478614300,
      "date_str": "2026-07-02",
      "url": "https://thru.capital/microstructure/btc/2026-07-02",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.04805337,
      "oi_velocity": 0
    }
  ]
}