BTC Flow Analysis — September 15, 2021 CHOP
Wednesday · Minute-level BTC order flow from Binance · 1,176,050 trades
Summary
Bitcoin closed at $48,121 on September 15, 2021 after pushed 2.2% higher. Aggressor-side flow netted -1,398 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: -0.81), yet price finished up +2.16%. Passive buyers on the bid absorbed the selling without showing up in aggressor-side data.
The big players were active all day. 25 bars of outsized trades (7.6σ peak) from 00:28–23:16 UTC, adding 385 BTC of selling pressure on top of the broader selling flow.
This was day 10 of consecutive net selling. Multi-day streaks reflect sustained conviction, not noise.
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 US session drove 64% of the day's directional flow, with 891 BTC of net selling. The other two sessions were comparatively quiet.
The Europe session posted the largest move. Full breakdown: Asia +0.15%, Europe +1.18%, US +0.82%.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.15% | -457 BTC | 33% |
| Europe | 08:00 - 14:00 | 1.18% | -50 BTC | 4% |
| US | 14:00 - 00:00 | 0.82% | -891 BTC | 64% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
This day sat within a chop regime. The +2.16% return tracked the regime average of +0.10%.
Related Days
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