BTC Flow Analysis — July 22, 2023 CHOP
Saturday · Minute-level BTC order flow from Binance · 423,988 trades
Summary
July 22, 2023: Bitcoin drifted lower (-0.36%). The 1,209 BTC of net selling flow at $29,794 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. 19 bars with trade sizes 3σ+ above normal (peak: 16.1σ), spread across 00:29–16:54 UTC. The 325 BTC of whale flow reinforced the day's selling bias.
Flow and price moved in lockstep (correlation: 0.82). Aggressor-side selling translated directly into price movement with minimal resistance.
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
All three sessions posted small moves: Asia +0.14%, Europe -0.32%, US -0.18% — a balanced day with no clear regional driver.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.14% | -305 BTC | 25% |
| Europe | 08:00 - 14:00 | -0.32% | -330 BTC | 27% |
| US | 14:00 - 00:00 | -0.18% | -574 BTC | 48% |
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 2), with the bull regime barely in the rearview mirror.
The selling streak extended to 9 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
Related Days
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