BTC Flow Analysis — April 21, 2022 CHOP
Thursday · Minute-level BTC order flow from Binance · 1,515,456 trades
Summary
Bitcoin fell 2.1% on Thursday, April 21, 2022, closing at $40,480 as sellers controlled aggregate flow with 488 BTC of net pressure.
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: 24 bars with trade sizes 3σ+ above normal (peak: 5.8σ) between 00:54–23:17 UTC. Whale flow netted 197 BTC of buying.
Flow reversed midday. The first 12 hours belonged to buyers (+601 BTC), but sellers erased that and then some (-1,090 BTC) in the back half.
A clean, flow-driven day. The 0.90 correlation between cumulative flow and price means selling pressure was the dominant force — no hidden passive flow muddying the signal.
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
US traders set the tone. 61% of directional flow — 1,387 BTC of selling — came from that single session.
Session returns: Asia +1.20%, Europe +2.00%, US -5.18%. US led the move.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 1.20% | 221 BTC | 10% |
| Europe | 08:00 - 14:00 | 2.00% | 678 BTC | 30% |
| US | 14:00 - 00:00 | -5.18% | -1387 BTC | 61% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
In retrospect, the chop regime was ending. BEAR conditions were 1 day(s) away.
The selling streak extended to 18 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
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