{
  "title": "Passive Absorption Walls in Expansion (BTC) — October 4, 2026",
  "waterfall_summary": "Market state telemetry on **Binance Futures** indicates the dominant regime settled into structural [absorption](https://thru.capital/ontology#absorption-the-wall) with 171,742 state blocks mapped to a stable profile. Price progressed upward from $84,772.20 to $86,331.00 as institutional volatility on **Deribit** measured 45.2 CME BTC Vol. Structural stability maintained an upward [expansion](https://thru.capital/ontology#expansion-discovery) trajectory following the **Bybit Linear** cash open.",
  "radar_summary": "Crowdedness metrics and squeeze risks shifted as order flow asymmetry transitioned from neutral to a bullish signal strength of 75%. Funding trajectories on **Binance Futures** absorbed aggressive selling during the London fix before resuming upside [expansion](https://thru.capital/ontology#expansion-discovery).",
  "cvd_summary": "|\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| :--- | :--- | :--- | :--- | :--- |\n| **Binance Futures** / BTC-PERP | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-10-04T04:00:49 | 173.4 | 220 Events Detected |\n| **Bybit Linear** / BTC-PERP | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 2026-10-04T08:30:32 | 39.4 | 60 Events Detected |\n| **Deribit** / BTC-options | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-10-04T19:34:32 | 9.75 | 13 Events Detected |\n\nPassive liquidity walls absorbed aggressive selling across venues while [CVD](https://thru.capital/ontology#cvd) divergences resolved into sustained upside [expansion](https://thru.capital/ontology#expansion-discovery) during the US 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))\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-10-04",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1791158310712024300,
      "date_str": "2026-10-04",
      "url": "https://thru.capital/microstructure/btc/2026-10-04",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.00553203,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0027008056640625,
      "timestamp_ns": 1789994408070239200,
      "date_str": "2026-09-21",
      "url": "https://thru.capital/microstructure/btc/2026-09-21",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.01429012,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0033559799194335938,
      "timestamp_ns": 1786527306891062800,
      "date_str": "2026-08-12",
      "url": "https://thru.capital/microstructure/btc/2026-08-12",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.00077528,
      "oi_velocity": 0
    }
  ]
}