BTC Flow Analysis — September 18, 2021 CHOP
Saturday · Minute-level BTC order flow from Binance · 976,346 trades
Summary
September 18, 2021: Bitcoin climbed +2.1%. The 467 BTC of net selling flow at $48,293 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
The big players were active all day. 20 bars of outsized trades (8.0σ peak) from 00:46–23:59 UTC, adding 197 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
A tale of two halves — buyers pushed 203 BTC through the morning, then sellers flipped the script with 670 BTC in the afternoon.
Breaking it down by session: Asia +2.79%, Europe -0.36%, US -0.32%. Asia stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 2.79% | 482 BTC | 34% |
| Europe | 08:00 - 14:00 | -0.36% | -252 BTC | 18% |
| US | 14:00 - 00:00 | -0.32% | -697 BTC | 49% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
The chop regime was running out of road — 1 day(s) before the market shifted to bear. The transition was already underway in hindsight.
The selling streak extended to 13 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
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