BTC Flow Analysis — March 11, 2023 BEAR
Saturday · Minute-level BTC order flow from Binance · 10,412,300 trades
Summary
March 11, 2023: Bitcoin edged higher (+1.51%). The 1,529 BTC of net selling flow at $20,456 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
Large-player activity detected: 7 bars with trade sizes 3σ+ above normal (peak: 8.0σ) between 00:29–23:51 UTC. Whale flow netted 176 BTC of buying.
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
Most of the action happened during Asia hours, which accounted for 62% of the day's net flow (1,259 BTC selling). The rest of the day was a footnote.
A tale of two halves — sellers pushed 1,872 BTC through the morning, then buyers flipped the script with 344 BTC in the afternoon.
Breaking it down by session: Asia -1.49%, Europe +1.15%, US +1.89%. US stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -1.49% | -1259 BTC | 62% |
| Europe | 08:00 - 14:00 | 1.15% | -520 BTC | 26% |
| US | 14:00 - 00:00 | 1.89% | 250 BTC | 12% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
This was near the start of a bear regime (day 3), with the chop regime barely in the rearview mirror.
Trading activity surged to +3.1σ above the regime norm (427,832 BTC). When volume spikes like this, the flow data carries more weight.
The selling streak extended to 5 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
Related Days
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