{
  "title": "Passive Absorption Walls in Balance (BTC) — September 29, 2026",
  "waterfall_summary": "Daily institutional volume concentrated heavily within [passive absorption](https://thru.capital/ontology#passive-absorption) regimes totaling 164,541 state blocks across **Binance Futures** and **Bybit Linear**. Macroeconomic volatility and hedging telemetry indicated sustained stability on [45.20 bps (Source Date: 2026-06-24)](https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.html) alongside consistent stablecoin settlement velocity. Historical analogs from 2026-09-29 confirm structural [compression](https://thru.capital/ontology#compression-coiling) matching prior range-bound distributions.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Funding rates and cross-venue positioning remained bound within neutral asymmetry parameters across **Deribit** and **Binance Futures**. Squeeze risks stayed minimal as order flow asymmetry hovered near neutral thresholds during the Asia and US cash sessions. Capital allocation tracked stablecoin inflows via 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)) without inducing leverage-driven liquidations.",
  "cvd_summary": "Passive limit orders continuously absorbed aggressive market orders at key structural nodes on **Bybit Linear** during the London open. \n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| --- | --- | --- | --- | --- |\n| Binance Futures / BTC-PERP | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-09-29T11:38:47 | 246.8 | 316 Events |\n| Bybit Linear / BTC-PERP | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-09-29T23:30:52 | 33.0 | 44 Events |\n\nCumulative volume delta profiles reflected persistent two-way neutralization matching historical efficiency benchmarks from 2026-09-25.\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": "2026-09-29",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1790726301120121000,
      "date_str": "2026-09-29",
      "url": "https://thru.capital/microstructure/btc/2026-09-29",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.0749133,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0012445449829101562,
      "timestamp_ns": 1790313007512558800,
      "date_str": "2026-09-25",
      "url": "https://thru.capital/microstructure/btc/2026-09-25",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.0755604,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0013742446899414062,
      "timestamp_ns": 1787138406527636000,
      "date_str": "2026-08-19",
      "url": "https://thru.capital/microstructure/btc/2026-08-19",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.0791333,
      "oi_velocity": 0
    }
  ]
}