BTC Flow Analysis — May 25, 2023 CHOP
Thursday · Minute-level BTC order flow from Binance · 753,125 trades
Summary
Bitcoin edged higher (+0.55%) on Thursday, May 25, 2023, closing at $26,474 as sellers controlled aggregate flow with 1,889 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
Flow said sell, price said buy. The -0.70 correlation between cumulative flow and return tells the story: someone was absorbing the selling quietly while price rose +0.55%.
Sustained large-player selling throughout the day. 12 bars with trade sizes 3σ+ above normal (peak: 5.4σ), spread across 00:46–18:10 UTC. The 215 BTC of whale flow reinforced the day's selling bias.
This was day 8 of consecutive net selling. Multi-day streaks reflect sustained conviction, not noise.
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: Asia -0.75%, Europe +0.79%, US +0.51%. Europe led the move.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.75% | -983 BTC | 52% |
| Europe | 08:00 - 14:00 | 0.79% | -381 BTC | 20% |
| US | 14:00 - 00:00 | 0.51% | -525 BTC | 28% |
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 bear regime barely in the rearview mirror.
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