{
  "title": "Passive Absorption Walls in Expansion (BTC) — September 28, 2026",
  "waterfall_summary": "Market exhibits low-conviction chop across macro venues. [45.20 bps (Source Date: 2026-06-24)](https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.html) prints at 45.2, reflecting baseline institutional volatility during downside [expansion](https://thru.capital/ontology#expansion-discovery) into the London open.",
  "radar_summary": "Crowdedness remains subdued as liquidations compress leverage tiers on **[Binance Futures]**. baseline risk-free levels tracks funding normalization across perpetual venues following the early session cascade.",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **[Deribit]** | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-28T17:23:47 | 194.6 | 249 Events |\n| **[Bybit Linear]** | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-09-28T15:03:53 | 51.3 | 73 Cascades |\n\nPassive bids absorbed aggressive selling across **[Deribit]** and **[Bybit Linear]**, arresting downside momentum near the $82,815.70 level.\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)*",
  "date": "2026-09-28",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1790639904772581600,
      "date_str": "2026-09-28",
      "url": "https://thru.capital/microstructure/btc/2026-09-28",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.21119464,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.004790306091308594,
      "timestamp_ns": 1789197907266588200,
      "date_str": "2026-09-12",
      "url": "https://thru.capital/microstructure/btc/2026-09-12",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.20218462,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.007739543914794922,
      "timestamp_ns": 1788600907417193500,
      "date_str": "2026-09-05",
      "url": "https://thru.capital/microstructure/btc/2026-09-05",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.21579431,
      "oi_velocity": 0
    }
  ]
}