BTC Flow Analysis — September 15, 2023 CHOP
Friday · Minute-level BTC order flow from Binance · 654,094 trades
Summary
September 15, 2023: Bitcoin traded flat. The 1,027 BTC of net selling flow at $26,600 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: 7.0σ), spread across 01:21–23:38 UTC. The 157 BTC of whale flow reinforced the day's selling bias.
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
Most of the action happened during Europe hours, which accounted for 70% of the day's net flow (714 BTC selling). The rest of the day was a footnote.
Breaking it down by session: Asia +0.16%, Europe -0.76%, US +0.89%. US stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.16% | -94 BTC | 9% |
| Europe | 08:00 - 14:00 | -0.76% | -714 BTC | 70% |
| US | 14:00 - 00:00 | 0.89% | -218 BTC | 21% |
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 bear regime barely in the rearview mirror.
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