BTC Flow Analysis — February 22, 2023 BULL
Wednesday · Minute-level BTC order flow from Binance · 11,395,957 trades
Summary
Bitcoin closed at $24,182 on February 22, 2023 after drifted lower (1.10%). Aggressor-side flow netted -3,018 BTC, favoring sellers.
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
The big players were active all day. 11 bars of outsized trades (8.1σ peak) from 02:01–19:17 UTC, adding 1,527 BTC of selling pressure on top of the broader selling flow.
Flow and price moved in lockstep (correlation: 0.84). Aggressor-side selling translated directly into price movement with minimal resistance.
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
The Asia session posted the largest move. Full breakdown: Asia -1.59%, Europe +0.21%, US +0.30%.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -1.59% | -1228 BTC | 41% |
| Europe | 08:00 - 14:00 | 0.21% | -194 BTC | 6% |
| US | 14:00 - 00:00 | 0.30% | -1597 BTC | 53% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Net flow of -3,018 BTC was elevated at -1.8σ vs the bull-regime average of -386 BTC.
Unusually heavy volume at 379,426 BTC — +3.9σ above the bull-regime baseline. The market was paying attention.
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