BTC Flow Analysis — August 17, 2023 BEAR
Thursday · Minute-level BTC order flow from Binance · 1,976,577 trades
Summary
August 17, 2023: Bitcoin crashed -7.3%. The 5,280 BTC of net selling flow at $26,623 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
The big players were active all day. 22 bars of outsized trades (6.1σ peak) from 00:10–23:55 UTC, adding 527 BTC of selling pressure on top of the broader selling flow.
From $25,166 to $28,783 — a 12.6% range that forced both bulls and bears to respect the volatility.
Flow and price moved in lockstep (correlation: 0.89). 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 -0.38%, Europe -0.78%, US -6.26%. US stood out.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.38% | -1274 BTC | 24% |
| Europe | 08:00 - 14:00 | -0.78% | -1649 BTC | 31% |
| US | 14:00 - 00:00 | -6.26% | -2356 BTC | 45% |
Per-minute volume split by aggressor side. Green = actively bought at the asking price. Red = actively sold at the bid price.
Regime Context
At -2.0σ from the bear-regime average, this was one of the most intense selling days in the period — 5,280 BTC of net pressure overwhelmed the typical flow pattern.
This was near the start of a bear regime (day 1), with the chop regime barely in the rearview mirror.
The selling streak extended to 9 days. Streaks this long suggest a structural flow, not just intraday traders flipping positions.
Related Days
Days with similar flow patterns and market conditions.
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