Bitcoin has crashed below $59,000: $4 billion worth was sold in two hours
The Bitcoin market experienced a massive surge in aggressive selling, resulting in the price of the leading cryptocurrency breaking down through the $59,000 level. Within two hours, the volume of forced sales at market prices (taker sell) on the Binance exchange reached nearly $4 billion. This is not just a correction — it is a concentrated wave of liquidations, indicating panic sentiment among large holders.
In the first hour, the taker sell volume was approximately $2.1 billion, and in the second hour, another $1.9 billion. Notably, the $2.1 billion figure was the highest since May 4: over the past months, we have not observed such intense selling pressure within a single hourly interval. This suggests that the decline was not gradual but was triggered by a sharp unwinding of positions.
What lies behind the selling pressure?
Analysis shows that the sell-off was not an isolated event. Two consecutive hourly readings of $2 billion each confirm that selling pressure persisted throughout the entire breakdown of the $59,000 level. This dynamic resembles a short-term capitulation, but for a final conclusion, it is necessary to examine data on liquidations, open interest, and funding rates.
Interestingly, amid this crash, spot Bitcoin trading volumes have sharply recovered after an eight-month decline that brought them to a three-year low. In June, spot trading volume on Binance exceeded $50 billion, followed by Coinbase ($32 billion), Gate ($25 billion), and Bybit ($24 billion).
Volume growth is not a reversal, but a struggle
The increase in spot volumes coincided with Bitcoin's attempt to find a bottom around $60,000. However, in my assessment, this is not a signal for an upward reversal, but rather a reflection of increased investor activity, ready to act in conditions of high volatility. Selling pressure is being absorbed reasonably well for now, but the market remains in a zone of uncertainty.
My opinion: Such a concentration of sales on Binance over a short period is a classic sign that large players (whales) or market makers are closing positions. The $59,000 level has become a psychological trigger, and if buyers cannot hold this zone, the next target could be $55,000. However, the rise in spot volumes indicates that interest in Bitcoin at these levels persists, meaning we may see a battle for the bottom in the coming days.