{
  "title": "Passive Absorption in Equilibrium (BTC) — September 20, 2026",
  "waterfall_summary": "Market remains in low-conviction chop. Across **[Binance Futures]** and **[Bybit Linear]**, state blocks predominantly reflect equilibrium with 153,942 occurrences of regime 3 while macro volatility measures at 45.2 on **[Deribit]**.\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": "Market remains in low-conviction chop. [Passive absorption](https://thru.capital/ontology#passive-absorption) dominated order books with 270 instances on **[Binance Futures]** while [momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion) printed 26 counts.\n\n## Verified Execution & Macro Proofs\n\n• baseline risk-free levels\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| Binance Futures / BTCUSDT | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-20T02:51:08 | 209.8 | 80573.6 BTC |\n\nPassive bids absorbed aggressive selling across **[Binance Futures]** during the Asian session while resting liquidity stacked asks into the London fix.\n\n## Verified Execution & Macro Proofs\n\n• the 10-year Treasury yield\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-09-20",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1789948689553758700,
      "date_str": "2026-09-20",
      "url": "https://thru.capital/microstructure/btc/2026-09-20",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.39361258,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.03454113006591797,
      "timestamp_ns": 1782688802122728000,
      "date_str": "2026-06-28",
      "url": "https://thru.capital/microstructure/btc/2026-06-28",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.3539983,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.09328460693359375,
      "timestamp_ns": 1782527482906973200,
      "date_str": "2026-06-27",
      "url": "https://thru.capital/microstructure/btc/2026-06-27",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.41360396,
      "oi_velocity": 0
    }
  ]
}