BTC Flow Analysis — October 23, 2025 CHOP
Thursday · Minute-level BTC order flow from Binance · 3,721,614 trades
Summary
October 23, 2025: Bitcoin climbed +2.3%. The 422 BTC of net selling flow at $110,078 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: -0.35), but price still climbed +2.33%. The buying was passive — limit orders soaking up the supply.
The big players were active all day. 16 bars of outsized trades (19.6σ peak) from 00:59–22:42 UTC, adding 49 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
A tale of two halves — buyers pushed 145 BTC through the morning, then sellers flipped the script with 568 BTC in the afternoon.
Breaking it down by session: Asia +1.58%, Europe +0.21%, US +0.53%. Asia stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 1.58% | 503 BTC | 35% |
| Europe | 08:00 - 14:00 | 0.21% | -459 BTC | 32% |
| US | 14:00 - 00:00 | 0.53% | -467 BTC | 33% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
The selling streak extended to 11 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
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