BTC Flow Analysis — September 14, 2021 CHOP
Tuesday · Minute-level BTC order flow from Binance · 1,210,258 trades
Summary
Bitcoin closed at $47,112 on September 14, 2021 after rallied 4.8%. Aggressor-side flow netted -491 BTC, favoring sellers.
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
Aggressor-side sellers pushed flow negative throughout the day (flow-price correlation: -0.73), yet price finished up +4.83%. Passive buyers on the bid absorbed the selling without showing up in aggressor-side data.
Whale-sized trades (35 bars above 3σ, peak 6.8σ) pushed 197 BTC of net buying between 00:26–20:58 UTC — while price went the other way. Possible accumulation, possible pain.
Net selling for 9 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
The Asia session posted the largest move. Full breakdown: Asia +1.73%, Europe +1.53%, US +1.49%.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 1.73% | -305 BTC | 56% |
| Europe | 08:00 - 14:00 | 1.53% | -215 BTC | 39% |
| US | 14:00 - 00:00 | 1.49% | 29 BTC | 5% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Even by chop-regime standards, +4.83% was extreme — +2.0σ from the +0.10% average. This wasn't a normal chop day.
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