BTC Flow Analysis — February 23, 2022 CHOP
Wednesday · Minute-level BTC order flow from Binance · 1,030,872 trades
Summary
On Wednesday, February 23, 2022, Bitcoin fell 2.6% to $37,250. Net flow: -661 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
Sustained large-player selling throughout the day. 29 bars with trade sizes 3σ+ above normal (peak: 7.5σ), spread across 02:15–23:57 UTC. The 139 BTC of whale flow reinforced the day's selling bias.
A clean, flow-driven day. The 0.85 correlation between cumulative flow and price means selling pressure was the dominant force — no hidden passive flow muddying the signal.
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
Strip out US and the day would look flat. That session alone contributed 61% of the net flow (1,179 BTC selling).
Morning and afternoon traded like two different markets. Buyers led early (+272 BTC), sellers dominated late (-933 BTC).
Across sessions: Asia -0.21%, Europe +2.12%, US -4.39% — with US doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.21% | -110 BTC | 6% |
| Europe | 08:00 - 14:00 | 2.12% | 629 BTC | 33% |
| US | 14:00 - 00:00 | -4.39% | -1179 BTC | 61% |
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 -2.56% return tracked the regime average of +0.10%.
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