Bitcoin breaks $59,000: aggressive selling on Binance reaches $4 billion in two hours
The market for the first cryptocurrency experienced a powerful supply shock. Bitcoin (BTC) dropped below the key level of $59,000 during a sharp crash, with aggressive selling on Binance serving as the main catalyst. The recorded volume of taker sell trades over two consecutive hourly periods amounted to nearly $4 billion.
In the first hour, the volume of such sales reached approximately $2.1 billion, and in the second hour, another $1.9 billion. 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 mark. This indicates not a gradual decline, but a concentrated, avalanche-like pressure from sellers.
It is particularly telling that the sell-off was not limited to a single spike. Two consecutive hourly readings of $2 billion confirm that selling pressure persisted as Bitcoin broke through the $59,000 level. This combination of a break below $59,000 and multi-billion-dollar spikes in aggressive sales resembles a short-term capitulation. However, additional data on liquidations, open interest, and funding rates is needed to fully confirm this scenario.
Spot Volumes Rebound from Three-Year Low
Against this backdrop of pressure, a related pattern emerged—a recovery in spot trading volumes. June finally broke an eight-month decline that had driven volumes to a three-year low. The lion's share of 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. The volume increase is linked to two factors: intensified selling at the beginning of the month, which dragged the price below $60,000 after May's peak of $82,000, and counteracting buying each time Bitcoin approached this level.
Both pictures complement each other: the spike in aggressive sales recorded by analysts and the rise in spot turnover reflect sharply increased activity around the $60,000 level. It is important to understand that volume growth alone does not indicate a reversal upward—it merely reflects investors' increased willingness to act in the market. And while selling pressure is being absorbed reasonably well overall, this does not rule out further volatility.
Expert opinion: Breaking $59,000 amid $4 billion in aggressive sales is a classic signal of a panic sell-off. However, the absorption of this volume without an immediate collapse to $55,000 indicates strong demand at these levels. The key question now is whether buying activity can stabilize above $60,000, or whether the market is preparing to test deeper support zones.