BTC Flow Analysis — May 31, 2021 BEAR
Monday · Minute-level BTC order flow from Binance · 1,896,359 trades
Summary
On Monday, May 31, 2021, Bitcoin climbed +4.5% to $37,254. Net flow: -1,485 BTC — sellers had the edge.
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
Despite persistent sell-side aggression (flow-price correlation -0.43), price rose +4.52%. This divergence typically signals strong passive demand — buyers who don't need to cross the spread.
The big players were active all day. 16 bars of outsized trades (8.8σ peak) from 00:28–18:08 UTC, adding 812 BTC of selling pressure on top of the broader selling flow.
From $34,154 to $37,499 — a 9.4% range that forced both bulls and bears to respect the volatility.
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
Strip out Asia and the day would look flat. That session alone contributed 78% of the net flow (2,049 BTC selling).
Morning and afternoon traded like two different markets. Sellers led early (-1,872 BTC), buyers dominated late (+387 BTC).
Across sessions: Asia +0.59%, Europe +2.43%, US +1.45% — with Europe doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.59% | -2049 BTC | 78% |
| Europe | 08:00 - 14:00 | 2.43% | 23 BTC | 1% |
| US | 14:00 - 00:00 | 1.45% | 541 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
Nothing unusual for a bear-regime day. The +4.52% return was consistent with the period's average of -0.27%.
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