BTC Flow Analysis — February 23, 2023 BULL
Thursday · Minute-level BTC order flow from Binance · 11,396,877 trades
Summary
Bitcoin gave back 1.00% on Thursday, February 23, 2023, closing at $23,940 as sellers controlled aggregate flow with 2,239 BTC of net pressure.
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
9 bars of outsized trades (peak 8.4σ) appeared between 01:33–13:52 UTC, with whale flow netting 76 BTC of buying.
Net selling for 3 straight days. Whether it's institutional positioning or sentiment-driven, the directional bias was persistent.
Price followed flow faithfully (correlation: 0.94). 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
Session returns: Asia +0.80%, Europe -1.51%, US -0.28%. Europe led the move.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.80% | 147 BTC | 6% |
| Europe | 08:00 - 14:00 | -1.51% | -1487 BTC | 59% |
| US | 14:00 - 00:00 | -0.28% | -899 BTC | 35% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Volume ran hot: 398,400 BTC traded, +4.2σ above the bull-regime average. High volume days tend to carry more signal.
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