{
  "title": "Passive Absorption Walls in Balance (BTC) — September 18, 2026",
  "waterfall_summary": "Market remains in low-conviction chop. Total state blocks recorded 150,963 instances of balance on **Binance Futures** as price evolved from $76,344.80 during the Asia initial balance to $81,095.10 at the daily wrap. Structural stability manifested through 325 [passive absorption](https://thru.capital/ontology#passive-absorption) events with a confidence metric of 251.4 on **Deribit**, offsetting 79 [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) across **Bybit Linear**.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Funding trajectories across institutional venues reflect neutralized squeeze risks following the London fix at $80,700.00. Volatility parameters remained anchored with **Deribit** options pricing holding steady against baseline metrics. ## Verified Execution & Macro Proofs\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))",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| :--- | :--- | :--- | :--- | :--- |\n| **Deribit** / BTC-PERP | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-18T22:51:04 | 251.4 | 325 Events |\n| **Bybit Linear** / BTCUSDT | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-09-18T13:55:29 | 55.3 | 79 Events |\n| **Binance Futures** / BTCUSDT | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-09-18T21:26:10 | 37.5 | 50 Events |\n\nPassive liquidity walls absorbed aggressive selling at the $80,026.60 structural pivot on **Bybit Linear**, neutralizing persistent [CVD](https://thru.capital/ontology#cvd) divergences. Orderbook imbalances on **Binance Futures** stabilized as auction telemetry transitioned from imbalanced [expansion](https://thru.capital/ontology#expansion-discovery) back to equilibrium balance.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-09-18",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1789775886941185300,
      "date_str": "2026-09-18",
      "url": "https://thru.capital/microstructure/btc/2026-09-18",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.56843091,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.1394367218017578,
      "timestamp_ns": 1784773907580771000,
      "date_str": "2026-07-23",
      "url": "https://thru.capital/microstructure/btc/2026-07-23",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.51666264,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.14145946502685547,
      "timestamp_ns": 1788678770909320400,
      "date_str": "2026-09-06",
      "url": "https://thru.capital/microstructure/btc/2026-09-06",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.5659942,
      "oi_velocity": 0
    }
  ]
}