{
  "title": "Passive Absorption Walls in Compression (BTC) — October 17, 2026",
  "waterfall_summary": "Market remains in low-conviction chop. The macro regime transitioned across 186,696 baseline range blocks while registering 365 instances of [Passive Absorption](https://thru.capital/ontology#passive-absorption) with a 289.4 confidence score across **Binance Futures** and **Bybit Linear**. Macro volatility metrics indicate stability with [45.20 bps (Source Date: 2026-06-24)](https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.html).\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Leverage liquidation telemetry recorded 9 isolated cascades totaling 9 events with 6.3 confidence on **Deribit**. Funding trajectories reflect balanced positioning with zero high-conviction squeeze risks observed on venue orderbooks. Macro risk indicators are anchored by baseline risk-free levels and the 10-year Treasury yield.",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| **Binance Futures** / BTC-PERP | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-10-17T04:09:11 | 289.4 | 365 structural blocks |\n| **Bybit Linear** / BTC-PERP | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 2026-10-17T17:30:45 | 17.2 | 27 failed breakouts |\n\nPassive liquidity walls absorbed aggressive selling during the London fix at $81,236.00 with neutral to bullish mean reversion asymmetry on **Deribit**. Orderbook imbalances stabilized by the daily wrap at $81,362.40.\n\n## Verified Execution & Macro Proofs\n\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• [45.20 bps (Source Date: 2026-06-24)](https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.html)\n• baseline risk-free levels\n• the 10-year Treasury yield\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-10-17",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1792281528197883100,
      "date_str": "2026-10-17",
      "url": "https://thru.capital/microstructure/btc/2026-10-17",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.3087488,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.010217666625976562,
      "timestamp_ns": 1787482206762012400,
      "date_str": "2026-08-23",
      "url": "https://thru.capital/microstructure/btc/2026-08-23",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.32288544,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.015119552612304688,
      "timestamp_ns": 1787793307398488000,
      "date_str": "2026-08-27",
      "url": "https://thru.capital/microstructure/btc/2026-08-27",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.29947916,
      "oi_velocity": 0
    }
  ]
}