{
  "title": "Passive Absorption in Range (BTC) — November 1, 2026",
  "waterfall_summary": "Session telemetry across **Binance Futures** and **Bybit Linear** records 202,767 state blocks dominated by Range regimes, reflecting compressed volatility matching historical analogs from 2026-11-01. Structural stability was maintained as **Deribit** options delta hedging anchored spot prices near $77,557.60 during the initial balance milestone. Market participants transitioned through low-conviction chop before establishing persistent structural boundaries.",
  "radar_summary": "Funding trajectories remained anchored with stable leverage tiers across major derivatives venues. Squeeze risks stayed minimal as order flow asymmetry hovered near neutral parameters throughout the Asia and London sessions. Historical nearest-neighbor alignment on 2026-09-28 and 2026-10-26 confirms constrained directional velocity and suppressed speculative crowdedness.\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))",
  "cvd_summary": "| Venue/Instrument | Event Type | Time (UTC) | Confidence | Key Metric |\n| :--- | :--- | :--- | :--- | :--- |\n| **Binance Futures** BTCUSDT | [Passive Absorption](https://thru.capital/ontology#passive-absorption) | 2026-11-01T02:29:58 | 173.0 | 218 Events |\n| **Bybit Linear** BTCUSDT | [Failed Expansion](https://thru.capital/ontology#failed-expansion) | 2026-11-01T08:33:21 | 34.4 | 52 Events |\n| **Deribit** BTC-Perp | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-11-01T17:31:29 | 10.5 | 14 Events |\n\nPassive liquidity walls absorbed aggressive selling pressure on **Binance Futures**, neutralizing downside attempts near the $77,663.90 threshold. Orderbook imbalances favored passive resting bids over aggressive market orders, sustaining equilibrium across cumulative volume delta metrics.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-11-01",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1793577546923728400,
      "date_str": "2026-11-01",
      "url": "https://thru.capital/microstructure/btc/2026-11-01",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.3738408,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.005406618118286133,
      "timestamp_ns": 1790604008948040700,
      "date_str": "2026-09-28",
      "url": "https://thru.capital/microstructure/btc/2026-09-28",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.37050733,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.005822896957397461,
      "timestamp_ns": 1793035509373780000,
      "date_str": "2026-10-26",
      "url": "https://thru.capital/microstructure/btc/2026-10-26",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.38502473,
      "oi_velocity": 0
    }
  ]
}