BTC Flow Analysis — December 28, 2021 BEAR
Tuesday · Minute-level BTC order flow from Binance · 1,345,774 trades
Summary
On Tuesday, December 28, 2021, Bitcoin crashed -6.2% to $47,544. Net flow: -2,367 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
18 bars of outsized trades (peak 9.2σ) appeared between 00:40–23:50 UTC, with whale flow netting 819 BTC of buying.
Flow and price moved in lockstep (correlation: 0.94). 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
Across sessions: Asia -2.91%, Europe -0.41%, US -3.02% — with US doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -2.91% | -1404 BTC | 45% |
| Europe | 08:00 - 14:00 | -0.41% | 389 BTC | 12% |
| US | 14:00 - 00:00 | -3.02% | -1351 BTC | 43% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
This was near the start of a bear regime (day 1), with the chop regime barely in the rearview mirror.
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