BTC Flow Analysis — September 21, 2022 BEAR
Wednesday · Minute-level BTC order flow from Binance · 6,907,777 trades
Summary
On Wednesday, September 21, 2022, Bitcoin fell 2.2% to $18,461. Net flow: -4,435 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
30 bars of outsized trades (peak 7.2σ) appeared between 00:29–23:16 UTC, with whale flow netting 85 BTC of buying.
Net selling for 8 straight days. Whether it's institutional positioning or sentiment-driven, the directional bias was persistent.
A volatile day: 9.7% range from $18,126 to $19,956. Wide ranges like this create opportunities but also traps for directional traders.
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 79% of the net flow (3,520 BTC selling).
Across sessions: Asia +0.39%, Europe +1.71%, US -4.21% — with US doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.39% | -879 BTC | 20% |
| Europe | 08:00 - 14:00 | 1.71% | -36 BTC | 1% |
| US | 14:00 - 00:00 | -4.21% | -3520 BTC | 79% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
The bear regime was running out of road — 3 day(s) before the market shifted to chop. The transition was already underway in hindsight.
With -4,435 BTC of net flow (-1.7σ), selling pressure ran above the bear-regime baseline of -1,189 BTC.
Unusually heavy volume at 385,034 BTC — +2.7σ above the bear-regime baseline. The market was paying attention.
Related Days
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