BTC Flow Analysis — January 19, 2023 BULL
Thursday · Minute-level BTC order flow from Binance · 5,819,932 trades
Summary
On Thursday, January 19, 2023, Bitcoin ticked up +1.91% to $21,072. Net flow: -1,537 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
Despite persistent sell-side aggression (flow-price correlation -0.61), price rose +1.91%. This divergence typically signals strong passive demand — buyers who don't need to cross the spread.
Whale-sized trades (26 bars above 3σ, peak 5.7σ) pushed 106 BTC of net buying between 01:41–21:00 UTC — while price went the other way. Possible accumulation, possible pain.
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 Europe and the day would look flat. That session alone contributed 64% of the net flow (1,205 BTC selling).
Across sessions: Asia +0.68%, Europe -0.20%, US +1.42% — with US doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.68% | 169 BTC | 9% |
| Europe | 08:00 - 14:00 | -0.20% | -1205 BTC | 64% |
| US | 14:00 - 00:00 | 1.42% | -502 BTC | 27% |
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 +2.3σ above the regime norm (251,386 BTC). When volume spikes like this, the flow data carries more weight.
The selling streak extended to 5 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
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