BTC Flow Analysis — April 25, 2023 CHOP
Tuesday · Minute-level BTC order flow from Binance · 1,087,067 trades
Summary
Bitcoin rallied +2.9% on Tuesday, April 25, 2023, closing at $28,301 as buyers controlled aggregate flow with 1,342 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
Sustained large-player buying throughout the day. 24 bars with trade sizes 3σ+ above normal (peak: 10.5σ), spread across 00:12–23:39 UTC. The 621 BTC of whale flow reinforced the day's buying bias.
Flow reversed midday. The first 12 hours belonged to sellers (-548 BTC), but buyers erased that and then some (+1,889 BTC) in the back half.
Flow and price moved in lockstep (correlation: 0.93). Aggressor-side buying 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
US traders set the tone. 79% of directional flow — 1,840 BTC of buying — came from that single session.
Session returns: Asia -0.89%, Europe +0.29%, US +3.50%. US led the move.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.89% | -500 BTC | 21% |
| Europe | 08:00 - 14:00 | 0.29% | 2 BTC | 0% |
| US | 14:00 - 00:00 | 3.50% | 1840 BTC | 79% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
Nothing unusual for a chop-regime day. The +2.87% return was consistent with the period's average of +0.10%.
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