BTC Flow Analysis — September 20, 2023 CHOP
Wednesday · Minute-level BTC order flow from Binance · 867,288 trades
Summary
Bitcoin closed at $27,125 on September 20, 2023 after drifted lower (0.31%). Aggressor-side flow netted -240 BTC, favoring sellers.
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. 30 bars with trade sizes 3σ+ above normal (peak: 9.5σ), spread across 00:11–23:21 UTC. The 46 BTC of whale flow reinforced the day's selling bias.
The day split in half. Buyers controlled the first 12 hours (+259 BTC), then sellers took over (-499 BTC). The reversal changed the character of the day.
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
The US session drove 63% of the day's directional flow, with 588 BTC of net selling. The other two sessions were comparatively quiet.
All three sessions posted small moves: Asia -0.38%, Europe +0.20%, US -0.13% — a balanced day with no clear regional driver.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.38% | 224 BTC | 24% |
| Europe | 08:00 - 14:00 | 0.20% | 123 BTC | 13% |
| US | 14:00 - 00:00 | -0.13% | -588 BTC | 63% |
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 -0.31% return was consistent with the period's average of +0.10%.
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