Bitcoin broke through $59,000: $4 billion worth was sold in two hours — analysis of the abnormal sell-off
The market for the first cryptocurrency experienced a powerful surge of aggressive selling. Over two consecutive hours, the volume of trades at market price (taker sell) on Binance exceeded $4 billion, triggering a drop in Bitcoin below the psychological level of $59,000. This event was the largest in intensity since the beginning of May this year.
In the first hour, the volume of forced selling amounted to about $2.1 billion, and in the second, another $1.9 billion. Notably, the $2.1 billion figure was the first instance since May 4 where the hourly volume of aggressive sales exceeded $2 billion. This dynamic indicates not a gradual decline, but concentrated pressure from sellers who were rushing to exit positions amid market stress.
Analysts emphasize that the sell-off was not a single spike. Two consecutive hourly figures of $2 billion suggest that pressure persisted as Bitcoin broke through the $59,000 level. The combination of a breakdown below this mark and multi-billion dollar volumes of aggressive sales resembles a short-term capitulation. However, additional data on liquidations, open interest, and funding rates are needed to confirm this scenario.
Spot volumes emerge from three-year low
Against the backdrop of the sell-off, another important trend is emerging—the recovery of spot volumes. June broke an eight-month decline that had brought 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 ($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 large number of coins changed hands. Analysts attribute the volume increase to two factors: intensified selling at the beginning of the month, which dragged the price below $60,000 after a May peak of $82,000, and counter-purchases each time Bitcoin approached this level.
Both pictures complement each other: the surge in aggressive sales and the rise in spot turnover reflect sharply increased activity around the $60,000 level. However, the volume increase does not indicate a reversal upward—it merely reflects investors' heightened desire to act in the market. And so far, selling pressure is being absorbed fairly well.
Expert opinion: We are seeing a classic picture of a battle between bulls and bears at a key level. Sellers are acting aggressively, but buyers are not backing down. If pressure persists, we may see either consolidation in the $58,000–$60,000 range or a second phase of capitulation with testing of lower levels. We are monitoring liquidations and open interest.