{
  "title": "Passive Absorption Walls in Expansion (BTC) — October 20, 2026",
  "waterfall_summary": "During the Asia session, **[Binance Futures]** registered an initial downside imbalance at 81,493.50 USD with a 55% signal strength, subsequently transitioning into a sustained [absorption](https://thru.capital/ontology#absorption-the-wall) phase across **[Deribit]** order books. The broader market experienced a dominant regime 3 distribution spanning 187,531 state blocks, while the London open precipitated a secondary downside [expansion](https://thru.capital/ontology#expansion-discovery) at 81,504.40 USD on **[Bybit Linear]**.\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))",
  "radar_summary": "Intraday leverage positioning on **[Binance Futures]** neutralized during the London fix as prices stabilized near 82,720.90 USD with a 4,500% asymmetry spike. Long and short squeeze risks remained bounded as the US cash open drove prices to 83,272.40 USD under a 65% bullish asymmetry on **[Bybit Linear]**.\n\n## Verified Execution & Macro Proofs\n\n• baseline risk-free levels\n• 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) | 2026-10-20T02:11:26Z | 277.2 | 355 Count |\n| **[Deribit]** / BTC-PERP | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-10-20T08:30:50Z | 53.2 | 76 Count |\n\nPassive liquidity walls absorbed 355 aggressive selling bouts on **[Binance Futures]**, preventing structural breakdown during early European hours. [CVD](https://thru.capital/ontology#cvd) divergences resolved into range-bound consolidation by the daily wrap at 82,991.80 USD on **[Bybit Linear]**.\n\n## Verified Execution & Macro Proofs\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-10-20",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1792540730214886000,
      "date_str": "2026-10-20",
      "url": "https://thru.capital/microstructure/btc/2026-10-20",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.21183157,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.005030632019042969,
      "timestamp_ns": 1791076410840188700,
      "date_str": "2026-10-04",
      "url": "https://thru.capital/microstructure/btc/2026-10-04",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.20523831,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.00566864013671875,
      "timestamp_ns": 1789330506825705700,
      "date_str": "2026-09-13",
      "url": "https://thru.capital/microstructure/btc/2026-09-13",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.20964645,
      "oi_velocity": 0
    }
  ]
}