BTC Flow Analysis — May 06, 2023 CHOP
Saturday · Minute-level BTC order flow from Binance · 1,221,021 trades
Summary
May 06, 2023: Bitcoin fell 2.2%. The 2,617 BTC of net selling flow at $28,848 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
Sustained large-player selling throughout the day. 23 bars with trade sizes 3σ+ above normal (peak: 9.8σ), spread across 01:41–20:26 UTC. The 374 BTC of whale flow reinforced the day's selling bias.
Net selling for 6 straight days. Whether it's institutional positioning or sentiment-driven, the directional bias was persistent.
A clean, flow-driven day. The 0.95 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 -0.48%, Europe -1.46%, US -0.30%. Europe stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.48% | -826 BTC | 32% |
| Europe | 08:00 - 14:00 | -1.46% | -927 BTC | 35% |
| US | 14:00 - 00:00 | -0.30% | -864 BTC | 33% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
With -2,617 BTC of net flow (-1.7σ), selling pressure ran above the chop-regime baseline of -670 BTC.
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