BTC Flow Analysis — September 09, 2021 CHOP
Thursday · Minute-level BTC order flow from Binance · 1,567,586 trades
Summary
On Thursday, September 09, 2021, Bitcoin edged higher (+0.75%) to $46,395. Net flow: -2,285 BTC — sellers had the edge.
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
Despite persistent sell-side aggression (flow-price correlation -0.65), price rose +0.75%. This divergence typically signals strong passive demand — buyers who don't need to cross the spread.
Whale-sized trades (12 bars above 3σ, peak 7.5σ) pushed 28 BTC of net buying between 00:24–17:50 UTC — while price went the other way. Possible accumulation, possible pain.
Net selling for 4 straight days. Whether it's institutional positioning or sentiment-driven, the directional bias was persistent.
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
Across sessions: Asia +0.49%, Europe +1.30%, US -1.03% — with Europe doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.49% | -814 BTC | 36% |
| Europe | 08:00 - 14:00 | 1.30% | -882 BTC | 39% |
| US | 14:00 - 00:00 | -1.03% | -589 BTC | 26% |
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.
Net flow of -2,285 BTC was elevated at -1.5σ vs the chop-regime average of -670 BTC.
Related Days
Days with similar flow patterns and market conditions.
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