BTC Flow Analysis — March 07, 2023 CHOP
Tuesday · Minute-level BTC order flow from Binance · 7,813,394 trades
Summary
March 07, 2023: Bitcoin drifted lower (-0.94%). The 1,523 BTC of net selling flow at $22,198 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. 30 bars of outsized trades (5.0σ peak) from 00:51–23:24 UTC, adding 1,464 BTC of selling pressure on top of the broader selling flow.
Flow and price moved in lockstep (correlation: 0.95). Aggressor-side selling translated directly into price movement with minimal resistance.
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 +0.05%, Europe -0.25%, US -0.74%. US stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.05% | 958 BTC | 28% |
| Europe | 08:00 - 14:00 | -0.25% | -736 BTC | 21% |
| US | 14:00 - 00:00 | -0.74% | -1744 BTC | 51% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Among the final days of this chop period. Within 1 day(s), the market would flip to bear.
Unusually heavy volume at 292,520 BTC — +2.7σ above the chop-regime baseline. The market was paying attention.
Related Days
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