{
  "title": "Passive Absorption in Range (BTC) — November 6, 2026",
  "waterfall_summary": "Market remains in low-conviction chop across primary institutional venues. Macro regime telemetry reveals a predominant state-3 block count of 208,306, confirming overarching range-bound equilibrium. [45.20 bps (Source Date: 2026-06-24)](https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.html)",
  "radar_summary": "Leverage distribution shows muted risk appetite with minimal squeeze susceptibility across **[Deribit]** and **[Binance Futures]**. Funding trajectories remain range-bound with low structural velocity.",
  "cvd_summary": "Aggressive selling on **[Bybit Linear]** was successfully countered by [passive absorption](https://thru.capital/ontology#passive-absorption) walls totaling 339 discrete events with a confidence score of 263.8.\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) | 2026-11-06T07:10:49 | 263.8 | 339 Events |\n\nPassive liquidity absorbed incoming order flow efficiently, maintaining a reference price near $76,009.30 at the daily wrap.\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": "2026-11-06",
  "historical_clusters": [
    {
      "distance_score": 0.0000019073486328125,
      "timestamp_ns": 1794009555843713800,
      "date_str": "2026-11-06",
      "url": "https://thru.capital/microstructure/btc/2026-11-06",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.78799875,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.04027366638183594,
      "timestamp_ns": 1793778848290666500,
      "date_str": "2026-11-04",
      "url": "https://thru.capital/microstructure/btc/2026-11-04",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.7522106,
      "oi_velocity": 0
    },
    {
      "distance_score": 0.06599617004394531,
      "timestamp_ns": 1787547154368218000,
      "date_str": "2026-08-24",
      "url": "https://thru.capital/microstructure/btc/2026-08-24",
      "regime": 0,
      "leverage_tier": 0,
      "efficiency_ratio": 0.79644864,
      "oi_velocity": 0
    }
  ]
}