BTC Flow Analysis — April 20, 2021 CHOP
Tuesday · Minute-level BTC order flow from Binance · 2,148,820 trades
Summary
April 20, 2021: Bitcoin ground out a +1.42% gain. The 1,705 BTC of net selling flow at $56,425 told a clear story — sellers were in charge.
BTC price (blue) and trading volume (cyan bars) per minute. Session shading: Asia (gold 00-08 UTC), Europe (green 08-14), US (red 14-00).
Flow Analysis
A textbook absorption day. Sellers hit the bid aggressively (correlation between cumulative flow and price: -0.55), but price still climbed +1.42%. The buying was passive — limit orders soaking up the supply.
The big players were active all day. 14 bars of outsized trades (5.6σ peak) from 00:53–23:44 UTC, adding 423 BTC of selling pressure on top of the broader selling flow.
Cumulative buying pressure (purple, left axis) vs cumulative price return (yellow, right axis). When these diverge, flow and price are telling different stories.
Session Breakdown
Breaking it down by session: Asia -2.20%, Europe +3.51%, US +0.19%. Europe stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -2.20% | -928 BTC | 44% |
| Europe | 08:00 - 14:00 | 3.51% | 197 BTC | 9% |
| US | 14:00 - 00:00 | 0.19% | -975 BTC | 46% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
This was near the start of a chop regime (day 3), with the bull regime barely in the rearview mirror.
The selling streak extended to 7 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
Related Days
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