BTC Flow Analysis — October 12, 2023 CHOP
Thursday · Minute-level BTC order flow from Binance · 1,066,082 trades
Summary
October 12, 2023: Bitcoin slipped 0.43%. The 1,171 BTC of net selling flow at $26,760 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
Sustained large-player selling throughout the day. 17 bars with trade sizes 3σ+ above normal (peak: 6.4σ), spread across 01:56–22:17 UTC. The 278 BTC of whale flow reinforced the day's selling bias.
Net selling for 6 straight days. Whether it's institutional positioning or sentiment-driven, the directional bias was persistent.
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 Europe hours, which accounted for 62% of the day's net flow (1,172 BTC selling). The rest of the day was a footnote.
All three sessions posted small moves: Asia -0.24%, Europe -0.18%, US -0.01% — a balanced day with no clear regional driver.
| Session | Hours (UTC) | Return | Net Flow | Flow Share |
|---|---|---|---|---|
| Asia | 00:00 - 08:00 | -0.24% | 363 BTC | 19% |
| Europe | 08:00 - 14:00 | -0.18% | -1172 BTC | 62% |
| US | 14:00 - 00:00 | -0.01% | -362 BTC | 19% |
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 -0.43% return was consistent with the period's average of +0.10%.
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