BTC Flow Analysis — July 20, 2021 BEAR
Tuesday · Minute-level BTC order flow from Binance · 1,062,139 trades
Summary
July 20, 2021: Bitcoin sold off -3.4%. The 4,184 BTC of net selling flow at $29,790 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
Sustained large-player selling throughout the day. 21 bars with trade sizes 3σ+ above normal (peak: 6.5σ), spread across 02:30–21:43 UTC. The 337 BTC of whale flow reinforced the day's selling bias.
Flow and price moved in lockstep (correlation: 0.93). Aggressor-side selling translated directly into price movement with minimal resistance.
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
Most of the action happened during Asia hours, which accounted for 82% of the day's net flow (3,417 BTC selling). The rest of the day was a footnote.
A tale of two halves — sellers pushed 4,188 BTC through the morning, then buyers flipped the script with 3 BTC in the afternoon.
Breaking it down by session: Asia -3.30%, Europe -0.99%, US +0.90%. Asia stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -3.30% | -3417 BTC | 82% |
| Europe | 08:00 - 14:00 | -0.99% | -343 BTC | 8% |
| US | 14:00 - 00:00 | 0.90% | -424 BTC | 10% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Net flow of -4,184 BTC was elevated at -1.6σ vs the bear-regime average of -1,189 BTC.
The selling streak extended to 9 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
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