BTC Flow Analysis — January 23, 2023 BULL
Monday · Minute-level BTC order flow from Binance · 7,258,655 trades
Summary
January 23, 2023: Bitcoin ground out a +0.93% gain. The 1,879 BTC of net selling flow at $22,916 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
A textbook absorption day. Sellers hit the bid aggressively (correlation between cumulative flow and price: -0.39), but price still climbed +0.93%. The buying was passive — limit orders soaking up the supply.
The big players were active all day. 22 bars of outsized trades (5.6σ peak) from 03:34–19:11 UTC, adding 616 BTC of selling pressure on top of the broader selling flow.
This was day 3 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
Breaking it down by session: Asia -0.04%, Europe +0.45%, US +0.51%. US stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.04% | -985 BTC | 52% |
| Europe | 08:00 - 14:00 | 0.45% | -613 BTC | 33% |
| US | 14:00 - 00:00 | 0.51% | -281 BTC | 15% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Unusually heavy volume at 293,588 BTC — +2.9σ above the bull-regime baseline. The market was paying attention.
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