BTC Flow Analysis — May 09, 2023 CHOP
Tuesday · Minute-level BTC order flow from Binance · 1,003,698 trades
Summary
Bitcoin finished near unchanged (-0.15%) on Tuesday, May 09, 2023, closing at $27,628 as buyers controlled aggregate flow with 75 BTC of net pressure.
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. 21 bars of outsized trades (6.6σ peak) from 00:10–16:15 UTC, adding 232 BTC of buying pressure on top of the broader buying flow.
Flow reversed midday. The first 12 hours belonged to buyers (+412 BTC), but sellers erased that and then some (-337 BTC) in the back half.
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
Session returns were muted across the board: Asia -0.01%, Europe -0.17%, US +0.03%.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.01% | 358 BTC | 47% |
| Europe | 08:00 - 14:00 | -0.17% | 59 BTC | 8% |
| US | 14:00 - 00:00 | 0.03% | -342 BTC | 45% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
The chop regime was running out of road — 1 day(s) before the market shifted to bear. The transition was already underway in hindsight.
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