BTC Flow Analysis — April 17, 2023 CHOP
Monday · Minute-level BTC order flow from Binance · 1,137,294 trades
Summary
April 17, 2023: Bitcoin fell 2.9%. The 2,681 BTC of net selling flow at $29,430 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. 34 bars of outsized trades (10.3σ peak) from 00:29–22:18 UTC, adding 684 BTC of selling pressure on top of the broader selling flow.
A clean, flow-driven day. The 0.98 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
Breaking it down by session: Asia -1.54%, Europe -1.46%, US +0.10%. Asia stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -1.54% | -1204 BTC | 44% |
| Europe | 08:00 - 14:00 | -1.46% | -1510 BTC | 55% |
| US | 14:00 - 00:00 | 0.10% | 32 BTC | 1% |
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 chop regime (day 1), with the bull regime barely in the rearview mirror.
With -2,681 BTC of net flow (-1.8σ), selling pressure ran above the chop-regime baseline of -670 BTC.
The selling streak extended to 3 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
Related Days
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