BTC Flow Analysis — May 23, 2022 BEAR
Monday · Minute-level BTC order flow from Binance · 1,328,317 trades
Summary
May 23, 2022: Bitcoin fell 3.9%. The 2,948 BTC of net selling flow at $29,109 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
Sustained large-player selling throughout the day. 35 bars with trade sizes 3σ+ above normal (peak: 13.0σ), spread across 00:47–23:45 UTC. The 175 BTC of whale flow reinforced the day's selling bias.
Most of the action happened during US hours, which accounted for 67% of the day's net flow (2,756 BTC selling). The rest of the day was a footnote.
A clean, flow-driven day. The 0.94 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
Breaking it down by session: Asia +0.54%, Europe -0.44%, US -4.00%. US stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.54% | 576 BTC | 14% |
| Europe | 08:00 - 14:00 | -0.44% | -768 BTC | 19% |
| US | 14:00 - 00:00 | -4.00% | -2756 BTC | 67% |
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 -3.91% return was consistent with the period's average of -0.27%.
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