Bitcoin broke through $59,000: a $4 billion selling spree in two hours — what's behind the crash?
The market for the first cryptocurrency experienced a powerful blow from sellers. In two hours, the volume of aggressive sales (taker sell) on Binance reached nearly $4 billion, triggering a breakdown of the $59,000 level. This event was the largest since the beginning of May — the previous record was set on May 4, when the hourly volume of such trades exceeded $2 billion for the first time.
In the first hour, selling pressure amounted to about $2.1 billion, and in the second hour, another $1.9 billion. This concentration of orders indicates not a gradual decline, but a targeted wave of liquidations and panic selling. The total volume over two hours — $4 billion — suggests that sellers acted in a coordinated manner, using market orders that are executed instantly at the best available price.
Spot volumes rose from a three-year low
June broke an eight-month decline in spot Bitcoin trading volumes, which had reached a three-year low. Binance led in activity with nearly $50 billion in monthly turnover, followed by Coinbase ($32 billion), Gate ($25 billion), and Bybit ($24 billion).
This reversal coincided with Bitcoin's attempt to find a bottom near $60,000. In the zone between $58,000 and $60,000, a huge number of coins changed hands. On one hand, we see intensified selling at the beginning of the month, which drove the price down from the May peak of $82,000. On the other hand, there were counter-purchases each time Bitcoin approached this level.
Two sides of the same coin
The scenarios described above complement each other. The surge in aggressive sales on Binance and the increase in spot volumes around $60,000 indicate sharply heightened activity. However, rising volumes do not necessarily mean a reversal to the upside. It merely reflects an increased willingness among market participants to act. While selling pressure is being absorbed fairly well so far, additional data on liquidations, open interest, and funding rates are needed to confirm a reversal.
My analysis: The situation resembles a short-term capitulation, but without confirmation from derivatives, it is too early to call a bottom. If buyers continue to absorb supply at $58,000–$59,000, we may see consolidation. But if pressure resumes, the next support level is $55,000.