BTC Flow Analysis — November 21, 2021 BEAR
Sunday · Minute-level BTC order flow from Binance · 1,249,219 trades
Summary
November 21, 2021: Bitcoin slipped 1.82%. The 2,004 BTC of net selling flow at $58,622 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 frustrating day for buyers. Cumulative flow leaned positive but price declined -1.82% (correlation: -0.32). Passive selling at higher prices kept rejecting the advances.
Sustained large-player selling throughout the day. 23 bars with trade sizes 3σ+ above normal (peak: 10.3σ), spread across 00:57–23:04 UTC. The 57 BTC of whale flow reinforced the day's selling bias.
Net selling for 6 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
Breaking it down by session: Asia -1.21%, Europe -0.25%, US -0.36%. Asia stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -1.21% | -659 BTC | 33% |
| Europe | 08:00 - 14:00 | -0.25% | -437 BTC | 22% |
| US | 14:00 - 00:00 | -0.36% | -908 BTC | 45% |
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 -1.82% return was consistent with the period's average of -0.27%.
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