BTC Flow Analysis — May 24, 2023 BEAR
Wednesday · Minute-level BTC order flow from Binance · 1,012,767 trades
Summary
Bitcoin closed at $26,329 on May 24, 2023 after fell 3.3%. Aggressor-side flow netted -995 BTC, favoring sellers.
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. 24 bars with trade sizes 3σ+ above normal (peak: 8.1σ), spread across 00:54–19:43 UTC. The 181 BTC of whale flow reinforced the day's selling bias.
Net selling for 7 straight days. Whether it's institutional positioning or sentiment-driven, the directional bias was persistent.
A clean, flow-driven day. The 0.90 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
The Asia session drove 63% of the day's directional flow, with 1,045 BTC of net selling. The other two sessions were comparatively quiet.
The Asia session posted the largest move. Full breakdown: Asia -1.99%, Europe -0.88%, US -0.43%.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -1.99% | -1045 BTC | 63% |
| Europe | 08:00 - 14:00 | -0.88% | -281 BTC | 17% |
| US | 14:00 - 00:00 | -0.43% | 331 BTC | 20% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
In retrospect, the bear regime was ending. CHOP conditions were 0 day(s) away.
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