Bitcoin crashed to $59,000: a record surge of aggressive selling worth $4 billion recorded in two hours
The market for the first cryptocurrency experienced a massive liquidity shock. During a sharp decline in Bitcoin's price below the $59,000 mark, an anomalous surge of aggressive selling was recorded on the Binance exchange. The total volume of taker sell trades over two consecutive hourly periods reached nearly $4 billion.
A detailed analysis shows that in the first hour, the volume of such sales amounted to about $2.1 billion, and in the second hour, another $1.9 billion. Notably, the $2.1 billion figure marked the first time since May 4 that the hourly volume of aggressive Bitcoin sales on Binance exceeded the $2 billion threshold. This indicates not a gradual, but a concentrated and extremely intense pressure from sellers.
Such dynamics are a classic sign of short-term capitulation. Investors, unwilling to wait for more favorable prices, are actively locking in losses and moving into stablecoins. However, to confirm a full-scale capitulation, additional data on liquidations, open interest, and funding rates on derivatives is needed. For now, we are seeing spot pressure rather than a cascade of liquidations on futures.
Spot volumes emerge from a three-year low
Against this backdrop, a related picture that I track in on-chain data is extremely interesting. June finally broke an eight-month decline in spot volumes, which had driven turnover to a three-year low. The leader in recovery was Binance, with a figure of nearly $50 billion for the month. It is followed by Coinbase ($32 billion), Gate ($25 billion), and Bybit ($24 billion).
This is the first month with a noticeable reversal in dynamics. It coincided with Bitcoin's attempt to find a bottom around $60,000, where a huge number of coins changed hands. The increase in volumes is linked to two factors: intensified selling at the beginning of the month, which dragged the price below $60,000 after the May peak of $82,000, and counter-purchases each time Bitcoin approached this level.
Both pictures—the surge in aggressive selling and the rise in spot turnover—complement each other. They reflect sharply increased activity around the key $60,000 level. It is important to understand, however, that an increase in volume alone does not indicate an upward reversal. It merely signals a heightened willingness among market participants to act. And so far, the selling pressure is being absorbed reasonably well overall.
My expert opinion: The current situation is a test of strength for the bulls. The $59,000 level has become a zone of maximum pain. If sellers cannot establish a foothold below it, and buyers continue to actively absorb supply, we may see a local bounce. However, for a confident recovery, the market needs not only to quell selling but also to see a return of confidence from large holders.