{
  "title": "Passive Absorption in Imbalanced Expansion (BTC) — September 17, 2026",
  "waterfall_summary": "Market remains in low-conviction chop. **[Binance Futures]** registered 150,344 state blocks in regime 3, transitioning through Imbalanced [Expansion](https://thru.capital/ontology#expansion-discovery) with institutional participation at the **[US_CASH_OPEN]** reference price of $76,874.60.\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": "Liquidations reached 52 distinct cascades across **[Bybit Linear]** with a confidence metric of 36.4, matching historical analog volatility observed on 2026-06-27. [Momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion) registered 55 instances at **[Deribit]**, neutralizing aggressive leverage buildup during the **[LONDON_FIX]** price handle of $76,905.20.\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]** / BTCUSDT | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-17T01:13:51 | 228.6 | 296 Events |\n| **[Bybit Linear]** / BTCUSDT | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-09-17T08:31:01 | 41.25 | 55 Events |\n\nPassive bids absorbed aggressive selling across **[Binance Futures]** during the Asia session opening, neutralizing downside velocity at $76,242.70. Orderbook imbalances stabilized as institutional resting liquidity rebuilt following the **[ASIA_INITIAL_BALANCE]** phase.\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": "2026-09-17",
  "historical_clusters": [
    {
      "distance_score": 9.5367431640625e-7,
      "timestamp_ns": 1789689485380171000,
      "date_str": "2026-09-17",
      "url": "https://thru.capital/microstructure/btc/2026-09-17",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.45087265,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0023565292358398438,
      "timestamp_ns": 1789063975671813400,
      "date_str": "2026-09-10",
      "url": "https://thru.capital/microstructure/btc/2026-09-10",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.45893145,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.00444793701171875,
      "timestamp_ns": 1782576902019664400,
      "date_str": "2026-06-27",
      "url": "https://thru.capital/microstructure/btc/2026-06-27",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.44282474,
      "oi_velocity": 0
    }
  ]
}