{
  "title": "Passive Absorption in Imbalanced Expansion (BTC) — September 19, 2026",
  "waterfall_summary": "The market transitioned from a balanced state during the Asia session to an Imbalanced [Expansion](https://thru.capital/ontology#expansion-discovery) (Upside) during the US cash open at **[Binance Futures]**, reaching a high of $81,519.30 at the London fix. Total state blocks recorded 152,908 primary structural intervals, while **[Deribit]** observed 239 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) countering aggressive selling pressure.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Funding trajectories and order flow asymmetry demonstrated neutral-bullish posture reaching 6000% signal strength during the London fix on **[Bybit Linear]**. Long and short squeeze risks remained bounded as 19 [liquidation cascades](https://thru.capital/ontology#liquidation-cascade) were absorbed by institutional resting liquidity.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "cvd_summary": "Passive liquidity walls absorbed aggressive selling across major venues, with 239 [passive absorption](https://thru.capital/ontology#passive-absorption) events countering 39 [failed expansions](https://thru.capital/ontology#failed-expansion).\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| :--- | :--- | :--- | :--- | :--- |\n| **[Deribit]** / BTC-PERP | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | 2026-09-19T04:05:48 | 185.8 | 239 Count |\n| **[Binance Futures]** / BTCUSDT | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 2026-09-19T13:13:51 | 24.8 | 39 Count |\n| **[Bybit Linear]** / BTCUSDT | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-09-19T14:15:18 | 13.3 | 19 Count |\n\nOrderbook imbalances during the US cash open reflected aggressive buying neutralizing institutional sell walls.\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*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-09-19",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1789862289472785400,
      "date_str": "2026-09-19",
      "url": "https://thru.capital/microstructure/btc/2026-09-19",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.15910258,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.03580904006958008,
      "timestamp_ns": 1783709104484940800,
      "date_str": "2026-07-10",
      "url": "https://thru.capital/microstructure/btc/2026-07-10",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.16850147,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0442051887512207,
      "timestamp_ns": 1789765389213405000,
      "date_str": "2026-09-18",
      "url": "https://thru.capital/microstructure/btc/2026-09-18",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.20044762,
      "oi_velocity": 0
    }
  ]
}