BTC Flow Analysis — May 31, 2023 CHOP
Wednesday · Minute-level BTC order flow from Binance · 908,537 trades
Summary
May 31, 2023: Bitcoin gave back 1.75%. The 2,663 BTC of net selling flow at $27,210 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
18 bars of outsized trades (peak 8.9σ) appeared between 00:12–11:00 UTC, with whale flow netting 213 BTC of buying.
This was day 3 of consecutive net selling. Multi-day streaks reflect sustained conviction, not noise.
Price followed flow faithfully (correlation: 0.96). 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
Most of the action happened during Asia hours, which accounted for 67% of the day's net flow (1,776 BTC selling). The rest of the day was a footnote.
Breaking it down by session: Asia -1.90%, Europe -0.19%, US +0.34%. Asia stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -1.90% | -1776 BTC | 67% |
| Europe | 08:00 - 14:00 | -0.19% | -427 BTC | 16% |
| US | 14:00 - 00:00 | 0.34% | -461 BTC | 17% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
A -1.8σ day — selling pressure exceeded the typical chop-regime flow (-670 BTC) by a notable margin.
Related Days
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