Spotting Institutional Order Splitting in Canaan

Before diving into the details, let's compare how Canaan's order flow looks at all trade sizes:

Now, let's focus on XL order flow alone:

Institutions use order splitting to execute large trades without revealing intent or moving the market. In XL order flow, this often creates "notches"—sudden, paired spikes of inflow and outflow. What's actually happening?

Block trading: XL orders represent institutional size trades.

Near-simultaneous inflow/outflow: Institutions may split parent orders, buying/selling part at the ask (inflow) and selling/buying part at the bid (outflow)—almost at the same time.

Algorithmic execution: Advanced trading algorithms can rapidly divide orders, aiming for stealth, price improvement, or matched liquidity.

Today's price action was especially notable due to a Reuters report about Bitcoin mining making a comeback in China that sent the stock rising. When a catalyst like this hits, institutions often become active buyers. Even though order splitting and simultaneous inflow/outflow can make it hard to tell their true direction, it's safe to assume today was more of an active buy situation, especially alongside the several other active buys that happened throughout the day.