{
  "title": "Passive Absorption Walls in Range (BTC) — October 25, 2026",
  "waterfall_summary": "Market telemetry on **Binance Futures** indicates institutional dominance within a range-bound structural regime, accounting for 194,147 state blocks. Volatility metrics on **Deribit** measured an implied baseline of 45.2 index points, while [passive absorption](https://thru.capital/ontology#passive-absorption) dominated orderbook interactions with 225 recorded instances. Historical analog clustering points to identical structural configurations observed on 2026-09-20 and 2026-08-14.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "radar_summary": "Auction asymmetry across **Bybit Linear** remained predominantly neutral with localized signal strengths fluctuating between 50% and 65%. [Failed expansion](https://thru.capital/ontology#failed-expansion) events totaled 65 occurrences alongside 21 [momentum exhaustion](https://thru.capital/ontology#momentum-exhaustion) triggers on **Binance Futures**. Liquidations were heavily suppressed, registering only 20 cascade episodes across all monitored venues.",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n|---|---|---|---|---|\n| Binance Futures / BTCUSDT | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-10-25T00:30:32 | 179.0 | 225 Total Events |\n| Bybit Linear / BTCUSDT | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 2026-10-25T05:05:46 | 42.4 | 65 Total Events |\n| Deribit / BTC-PERP | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-10-25T06:15:41 | 15.75 | 21 Total Events |\n\nPassive bids consistently absorbed aggressive selling pressure at the $80,149 to $80,898 boundaries on **Binance Futures**, neutralizing cumulative volume delta divergences. Orderbook depth remained resilient across **Bybit Linear**, neutralizing directional bias throughout the Asia and London sessions.\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": "2026-10-25",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1792972739095209700,
      "date_str": "2026-10-25",
      "url": "https://thru.capital/microstructure/btc/2026-10-25",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.1261143,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.008246898651123047,
      "timestamp_ns": 1789913408455201800,
      "date_str": "2026-09-20",
      "url": "https://thru.capital/microstructure/btc/2026-09-20",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.12889539,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.02264404296875,
      "timestamp_ns": 1786724539602327600,
      "date_str": "2026-08-14",
      "url": "https://thru.capital/microstructure/btc/2026-08-14",
      "regime": 3,
      "leverage_tier": 0,
      "efficiency_ratio": 0.12296575,
      "oi_velocity": 0
    }
  ]
}