{
  "title": "Passive Absorption in Range (BTC) — October 26, 2026",
  "waterfall_summary": "Market remains in low-conviction chop with regime distribution heavily anchored in balance states (194,344 blocks) across **Binance Futures** and **Bybit Linear**. Macro structural stability reflects institutional hedging profiles with **[45.20 bps (Source Date: 2026-06-24)](https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.html)** at 45.2. Historical structural analog mapped precisely to 2026-10-26 with an [efficiency ratio](https://thru.capital/ontology#delta-efficiency) of 0.2608.",
  "radar_summary": "Funding trajectories and order flow asymmetry demonstrate persistent neutral positioning with localized signal strengths peaking at 65% during regime shifts on **Deribit**. Squeeze risks remain muted as open interest velocity registers at 0.0 across all major venues during the daily close at $79,965.10.",
  "cvd_summary": "[Passive absorption](https://thru.capital/ontology#passive-absorption) walls absorbed aggressive selling across 304 registered events, matching a confidence score of 239.4 on **Binance Futures**. [Liquidation cascades](https://thru.capital/ontology#liquidation-cascade) triggered 39 events with a confidence of 27.3 as orderbook imbalances repeatedly tested the $79,900 support threshold.\n\n| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| --- | --- | --- | --- | --- |\n| **Binance Futures** / BTCUSDT | Passive [Absorption](https://thru.capital/ontology#absorption-the-wall) | 2026-10-26T07:35:47Z | 239.4 | 304 Events |\n| **Bybit Linear** / BTCUSDT | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-10-26T19:04:40Z | 27.3 | 39 Events |\n| **Deribit** / BTC-PERP | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-10-26T20:50:31Z | 22.5 | 30 Events |\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": "2026-10-26",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1793059138954875100,
      "date_str": "2026-10-26",
      "url": "https://thru.capital/microstructure/btc/2026-10-26",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.26086895,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0012787580490112305,
      "timestamp_ns": 1788730807230998000,
      "date_str": "2026-09-06",
      "url": "https://thru.capital/microstructure/btc/2026-09-06",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.2604716,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0024225711822509766,
      "timestamp_ns": 1792786134150586600,
      "date_str": "2026-10-23",
      "url": "https://thru.capital/microstructure/btc/2026-10-23",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.25290521,
      "oi_velocity": 0
    }
  ]
}