BTC Flow Analysis — September 07, 2021 CHOP
Tuesday · Minute-level BTC order flow from Binance · 3,321,711 trades
Summary
On Tuesday, September 07, 2021, Bitcoin crashed -11.0% to $46,864. Net flow: -7,178 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
Large-player activity detected: 11 bars with trade sizes 3σ+ above normal (peak: 8.7σ) between 01:34–23:50 UTC. Whale flow netted 332 BTC of buying.
The 19.1% intraday range ($42,843 – $52,920) tells the story of a market in flux. Both sides had their moments.
Flow and price moved in lockstep (correlation: 0.97). Aggressor-side selling translated directly into price movement with minimal resistance.
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 US and the day would look flat. That session alone contributed 84% of the net flow (6,062 BTC selling).
Across sessions: Asia -0.61%, Europe -3.35%, US -7.37% — with US doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.61% | -619 BTC | 9% |
| Europe | 08:00 - 14:00 | -3.35% | -496 BTC | 7% |
| US | 14:00 - 00:00 | -7.37% | -6062 BTC | 84% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Flow conviction was unusually strong: 7,178 BTC net selling, registering at -4.7σ relative to other chop-regime days. This wasn't noise — it was a directional statement.
At -4.8σ from the regime mean, this -11.02% move was an outlier within the chop period (avg +0.10%).
The market was 1 day(s) into a new chop regime, having transitioned from bull. Early-regime days often carry residual momentum from the prior period.
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