BTC Flow Analysis — September 28, 2022 CHOP
Wednesday · Minute-level BTC order flow from Binance · 7,357,437 trades
Summary
September 28, 2022: Bitcoin ticked up +1.75%. The 503 BTC of net buying flow at $19,413 told a clear story — buyers 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
8 bars of outsized trades (peak 4.3σ) appeared between 05:23–23:19 UTC, with whale flow netting 58 BTC of selling.
Price followed flow faithfully (correlation: 0.80). When you see this level of alignment, it means one side is in control and the other isn't even fighting.
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
A tale of two halves — sellers pushed 2,690 BTC through the morning, then buyers flipped the script with 3,193 BTC in the afternoon.
Breaking it down by session: Asia -1.55%, Europe +1.81%, US +1.52%. Europe stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -1.55% | -3496 BTC | 47% |
| Europe | 08:00 - 14:00 | 1.81% | 1818 BTC | 24% |
| US | 14:00 - 00:00 | 1.52% | 2181 BTC | 29% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Trading activity surged to +5.3σ above the regime norm (521,385 BTC). When volume spikes like this, the flow data carries more weight.
The buying streak extended to 3 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
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