{
  "title": "Passive Absorption in Imbalanced Expansion (BTC) — September 26, 2026",
  "waterfall_summary": "Daily structural metrics on **[Binance Futures]** confirm an overwhelming concentration of state blocks in persistent low-conviction chop with 162,796 baseline intervals. Macro stability is underscored by baseline CME volatility tracking at 45.2. Market remains in low-conviction chop.",
  "radar_summary": "Leverage distribution across **[Deribit]** and **[Bybit Linear]** remained compressed with baseline leverage tiers registering at zero throughout the session. Structural order flow asymmetry settled into neutral-to-bullish [expansion](https://thru.capital/ontology#expansion-discovery) vectors by the daily wrap at $84,230.40.",
  "cvd_summary": "Aggressive selling was consistently absorbed across **[Binance Futures]** order books with 273 recorded instances of [passive absorption](https://thru.capital/ontology#passive-absorption) countering 44 [failed expansions](https://thru.capital/ontology#failed-expansion).\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| Binance Futures / BTC-PERP | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | 2026-09-26T00:40:27 | 215.8 | 273 Events |\n| Bybit Linear / BTC-PERP | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 2026-09-26T22:25:33 | 28.2 | 44 Events |\n\nPassive liquidity walls absorbed incoming selling pressure on **[Binance Futures]**, preventing downside leakage during the London fix.\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• [2026-09-26 00:40 UTC](https://thru.capital/microstructure/btc/2026-09-26#00-40)\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-09-26",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1790467099210269700,
      "date_str": "2026-09-26",
      "url": "https://thru.capital/microstructure/btc/2026-09-26",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.09420497,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0308380126953125,
      "timestamp_ns": 1790302698404437800,
      "date_str": "2026-09-25",
      "url": "https://thru.capital/microstructure/btc/2026-09-25",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.06588987,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.042984962463378906,
      "timestamp_ns": 1788771608684268500,
      "date_str": "2026-09-07",
      "url": "https://thru.capital/microstructure/btc/2026-09-07",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.12957067,
      "oi_velocity": 0
    }
  ]
}