BTC Flow Analysis — September 19, 2023 CHOP
Tuesday · Minute-level BTC order flow from Binance · 898,076 trades
Summary
On Tuesday, September 19, 2023, Bitcoin edged higher (+1.67%) to $27,210. Net flow: -488 BTC — sellers had the edge.
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. 24 bars of outsized trades (9.8σ peak) from 00:29–18:49 UTC, adding 262 BTC of selling pressure on top of the broader selling flow.
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
Strip out US and the day would look flat. That session alone contributed 68% of the net flow (911 BTC selling).
Morning and afternoon traded like two different markets. Buyers led early (+806 BTC), sellers dominated late (-1,294 BTC).
Across sessions: Asia +0.32%, Europe +0.45%, US +0.90% — with US doing the heavy lifting.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | 0.32% | 232 BTC | 17% |
| Europe | 08:00 - 14:00 | 0.45% | 190 BTC | 14% |
| US | 14:00 - 00:00 | 0.90% | -911 BTC | 68% |
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 +1.67% return was consistent with the period's average of +0.10%.
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