{
  "title": "Passive Absorption Walls in Balance (BTC) — September 22, 2026",
  "waterfall_summary": "Market remains in low-conviction chop with dominant balanced regime blocks totaling 153,683 counts across monitored venues. **[Binance Futures]** registered 243 [passive absorption](https://thru.capital/ontology#passive-absorption) events with a confidence rating of 189.6 during the Asia initial balance phase at $86,368.80. [Efficiency ratio](https://thru.capital/ontology#delta-efficiency) printed at 0.1266, mirroring the historical structural analog on [2026-08-22 00:00 UTC](https://thru.capital/microstructure/btc/2026-08-22#00-00).\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Liquidations totaled 62 events with 43.4 confidence on **[Bybit Linear]**, triggering post-liquidation asymmetry shifts to neutral-bullish at 65% signal strength during the London fix at $86,549.90. **[Deribit]** options volatility anchored at 45.2 CME BTC vol as structural leverage remained suppressed at tier 0 throughout the New York cash open.\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))",
  "cvd_summary": "Aggressive selling was absorbed by passive bid clusters on **[Binance Futures]** during the 14:21 UTC [liquidation cascade](https://thru.capital/ontology#liquidation-cascade) at $86,275.70. \n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| :--- | :--- | :--- | :--- | :--- |\n| **[Binance Futures]** BTCUSDT | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-22T00:30:29 | 189.6 | 243 Events |\n| **[Bybit Linear]** BTCUSDT | Liquidation Cascade | 2026-09-22T14:21:41 | 43.4 | 62 Events |\n| **[Deribit]** BTC-PERP | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-09-22T22:45:42 | 43.5 | 58 Events |\n\nOrderbook telemetry confirmed delta divergence as passive resting liquidity neutralized aggressive market orders across all primary venues.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-09-22",
  "historical_clusters": [
    {
      "distance_score": 4.76837158203125e-7,
      "timestamp_ns": 1790121487671026000,
      "date_str": "2026-09-22",
      "url": "https://thru.capital/microstructure/btc/2026-09-22",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.1266195,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.004868030548095703,
      "timestamp_ns": 1787373451276452400,
      "date_str": "2026-08-22",
      "url": "https://thru.capital/microstructure/btc/2026-08-22",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.13564926,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.008852005004882812,
      "timestamp_ns": 1782799883733890800,
      "date_str": "2026-06-30",
      "url": "https://thru.capital/microstructure/btc/2026-06-30",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.12312996,
      "oi_velocity": 0
    }
  ]
}