BTC Flow Analysis — September 21, 2023 CHOP
Thursday · Minute-level BTC order flow from Binance · 823,416 trades
Summary
Bitcoin closed at $26,568 on September 21, 2023 after fell 2.1%. Aggressor-side flow netted -719 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
The big players were active all day. 35 bars of outsized trades (7.7σ peak) from 01:33–22:24 UTC, adding 34 BTC of selling pressure on top of the broader selling flow.
Net selling for 3 straight days. Whether it's institutional positioning or sentiment-driven, the directional bias was persistent.
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 Europe session drove 62% of the day's directional flow, with 576 BTC of net selling. The other two sessions were comparatively quiet.
The Europe session posted the largest move. Full breakdown: Asia -0.50%, Europe -2.11%, US +0.56%.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.50% | -249 BTC | 27% |
| Europe | 08:00 - 14:00 | -2.11% | -576 BTC | 62% |
| US | 14:00 - 00:00 | 0.56% | 106 BTC | 11% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Nothing unusual for a chop-regime day. The -2.05% return was consistent with the period's average of +0.10%.
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