Bitcoin broke through $59,000: aggressive sales on Binance exceeded $4 billion in two hours
The Bitcoin market experienced a major shock: a leading analyst recorded a price crash below the $59,000 mark amid an unprecedented wave of aggressive selling on Binance. The total volume of taker sell trades over two consecutive hours reached nearly $4 billion, a clear signal of panic selling of the asset.
According to my data, 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 was the first time since May 4 that the hourly volume of aggressive Bitcoin sales on Binance exceeded $2 billion. This indicates concentrated, rather than gradual, selling pressure.
This dynamic is not an isolated spike. Two consecutive hourly readings of $2 billion suggest that selling pressure persisted as Bitcoin broke through the $59,000 level. The combination of a critical support breakdown and multi-billion-dollar surges in aggressive selling resembles a short-term capitulation. However, additional data on liquidations, open interest, and funding rates is needed to confirm this scenario.
Spot volumes recover from three-year low
Alongside this, another important pattern is emerging—a recovery in spot volumes. June finally broke an eight-month decline that had driven turnover to a three-year low. The largest spot volume came from Binance, with nearly $50 billion for the month. It was followed by Coinbase with $32 billion, Gate with $25 billion, and Bybit with $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 large number of coins changed hands. I attribute the volume increase to two factors: intensified selling at the start of the month, which dragged the price below $60,000 after May's peak of $82,000, and counteracting purchases each time Bitcoin approached this level.
Both pictures complement each other: the surge in aggressive sales recorded by analysts and the rise in spot turnover reflect sharply increased activity around the $60,000 level. However, it is important to understand: the increase in volume does not indicate an upward reversal—it merely reflects investors' heightened willingness to act in the market. And so far, selling pressure is being absorbed reasonably well.
My professional view: The market is in a phase of intense struggle between bears and bulls. The break below $59,000 and record taker sell volumes are classic signs of short-term speculator capitulation. However, the recovery in spot volumes and the market's ability to absorb such sales suggest that "smart money" is actively accumulating positions. The key question is whether buying demand can reverse the trend, or if we will see a continued decline toward $55,000.