BTC Flow Analysis — February 28, 2023 BULL
Tuesday · Minute-level BTC order flow from Binance · 9,568,743 trades
Summary
February 28, 2023: Bitcoin drifted lower (-1.49%). The 1,739 BTC of net selling flow at $23,142 told a clear story — sellers 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
Sustained large-player selling throughout the day. 21 bars with trade sizes 3σ+ above normal (peak: 5.4σ), spread across 00:59–21:30 UTC. The 444 BTC of whale flow reinforced the day's selling bias.
Day 8 of unbroken net selling. The market had a directional lean and wasn't letting go.
Flow and price moved in lockstep (correlation: 0.86). 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
Breaking it down by session: Asia -1.09%, Europe +0.72%, US -1.12%. US stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -1.09% | -756 BTC | 30% |
| Europe | 08:00 - 14:00 | 0.72% | 390 BTC | 15% |
| US | 14:00 - 00:00 | -1.12% | -1373 BTC | 55% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
In retrospect, the bull regime was ending. CHOP conditions were 0 day(s) away.
Trading activity surged to +2.5σ above the regime norm (264,141 BTC). When volume spikes like this, the flow data carries more weight.
Related Days
Days with similar flow patterns and market conditions.
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