{
  "title": "Passive Absorption Walls in Expansion (BTC) — November 5, 2026",
  "waterfall_summary": "Session telemetry across **[Binance Futures]** and **[Bybit Linear]** captured a dominant regime shift from initial absorption into heavy downside expansion, registering 205,246 state blocks in institutional [compression](https://thru.capital/ontology#compression-coiling). Price deteriorated from a high of $80,800.00 down to a trough of $75,794.80 driven by aggressive selling pressure at the **[Deribit]** venue. Market participants witnessed a cascading structural break during the London Fix as volatility expanded following historical structural analogs observed on [2026-09-15 00:00 UTC](https://thru.capital/microstructure/btc/2026-09-15#00-00).",
  "radar_summary": "Funding trajectories and order flow asymmetry registered [extreme](https://thru.capital/ontology#extreme-leverage) bearish imbalances reaching 75% signal strength during the London session [liquidation cascade](https://thru.capital/ontology#liquidation-cascade). [Long squeeze](https://thru.capital/ontology#derivatives-reflexivity) risks neutralized as open interest velocity flushed across **[Binance Futures]**, transitioning leverage tiers into defensive positioning. Historical telemetry alignment mirrors the structural parameters recorded on [2026-10-09 00:00 UTC](https://thru.capital/microstructure/btc/2026-10-09#00-00).\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)*",
  "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) | 2026-11-05T01:04:51 | 264.8 | 342 Blocks |\n| **[Bybit Linear]** / BTC-PERP | [Liquidation Cascade](https://thru.capital/ontology#liquidation-cascade) | 2026-11-05T15:32:05 | 64.0 | 90 Liquidations |\n| **[Deribit]** / BTC-OPTIONS | [Momentum Exhaustion](https://thru.capital/ontology#momentum-exhaustion) | 2026-11-05T10:17:32 | 33.75 | 45 Events |\n\nPassive liquidity walls on **[Binance Futures]** absorbed initial bids before completely failing under 90 cascading liquidations totaling 64.0 confidence units. Cumulative volume delta ([CVD](https://thru.capital/ontology#cvd)) divergences confirmed aggressive supply dominance as resting liquidity was systematically cleared across all venues.\n\n*[Extract the raw multi-venue Parquet tick data for this epoch via thrunode_archive](https://thru.capital/allocate)*",
  "date": "2026-11-05",
  "historical_clusters": [
    {
      "distance_score": 0,
      "timestamp_ns": 1793923152937320000,
      "date_str": "2026-11-05",
      "url": "https://thru.capital/microstructure/btc/2026-11-05",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.34106951,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0032176971435546875,
      "timestamp_ns": 1789509181865020000,
      "date_str": "2026-09-15",
      "url": "https://thru.capital/microstructure/btc/2026-09-15",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.34982174,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.0035104751586914062,
      "timestamp_ns": 1791581915738741200,
      "date_str": "2026-10-09",
      "url": "https://thru.capital/microstructure/btc/2026-10-09",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.33544492,
      "oi_velocity": 0
    }
  ]
}