{
  "title": "Passive Absorption Walls in Balance (BTC) — September 25, 2026",
  "waterfall_summary": "Session telemetry across **[Deribit]** and **[Binance Futures]** registered 159,882 balanced state blocks, anchoring structural stability despite intermittent downside expansion. The market recorded 257 [passive absorption](https://thru.capital/ontology#passive-absorption) events at an average confidence score of 203.8, mitigating localized volatility during US cash hours. Market remains in low-conviction chop.\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\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Intraday progression exhibited neutral to bearish order flow asymmetry touching 5500% during the Asia initial balance on **[Bybit Linear]**, before mean reverting into the London fix. [Liquidation cascades](https://thru.capital/ontology#liquidation-cascade) totaled 69 instances with a confidence metric of 48.3, neutralizing aggressive short positioning. Market remains in low-conviction chop.\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": "Orderbook depth analysis reveals aggressive selling absorbed by passive bids at **[Binance Futures]** during the 14:15 UTC downside deviation below value. [Momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion) prints totaled 50 occurrences, capping structural [expansion](https://thru.capital/ontology#expansion-discovery) as [CVD](https://thru.capital/ontology#cvd) divergence dissolved. Market remains in low-conviction chop.\n\n## Verified Execution & Macro Proofs\n\n• the 10-year Treasury yield\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))",
  "date": "2026-09-25",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1790380699013744600,
      "date_str": "2026-09-25",
      "url": "https://thru.capital/microstructure/btc/2026-09-25",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.67532378,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0052032470703125,
      "timestamp_ns": 1786736706516514600,
      "date_str": "2026-08-14",
      "url": "https://thru.capital/microstructure/btc/2026-08-14",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.67421785,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.008313179016113281,
      "timestamp_ns": 1785545705662100200,
      "date_str": "2026-08-01",
      "url": "https://thru.capital/microstructure/btc/2026-08-01",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.68371883,
      "oi_velocity": 0
    }
  ]
}