BTC Flow Analysis — October 25, 2023 BULL
Wednesday · Minute-level BTC order flow from Binance · 1,643,976 trades
Summary
October 25, 2023: Bitcoin ticked up +1.69%. The 2,586 BTC of net selling flow at $34,496 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
A textbook absorption day. Sellers hit the bid aggressively (correlation between cumulative flow and price: -0.62), but price still climbed +1.69%. The buying was passive — limit orders soaking up the supply.
The big players were active all day. 16 bars of outsized trades (8.9σ peak) from 00:12–22:06 UTC, adding 314 BTC of selling pressure on top of the broader selling flow.
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 Asia hours, which accounted for 68% of the day's net flow (1,763 BTC selling). The rest of the day was a footnote.
Breaking it down by session: Asia -0.19%, Europe +1.85%, US +0.03%. Europe stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.19% | -1763 BTC | 68% |
| Europe | 08:00 - 14:00 | 1.85% | -753 BTC | 29% |
| US | 14:00 - 00:00 | 0.03% | -70 BTC | 3% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
A -1.5σ day — selling pressure exceeded the typical bull-regime flow (-386 BTC) by a notable margin.
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