Bitcoin tested $59,000: $4 billion worth was sold in two hours
The market for the first cryptocurrency experienced a powerful supply shock. Bitcoin broke through the psychological mark of $59,000 amid an avalanche-like surge in aggressive selling on the Binance spot market. Over two consecutive hours, the volume of forced sales (taker sell) exceeded $4 billion.
In the first hour, about $2.1 billion was realized, and in the second, another $1.9 billion. This surge was the highest since May 4: for the first time in a long while, the hourly volume of aggressive sales on Binance exceeded $2 billion.
Seller Pressure: Not a One-Time Event, but a Targeted Attack
Notably, the sell-off was not a single event. Two consecutive hourly figures of $2 billion indicate sustained and concentrated pressure from sellers, rather than a gradual decline. This suggests that large market participants were ready to exit positions at any cost, executing orders at the best available bid prices.
This combination—a break below $59,000 and multi-billion surges in aggressive sales—resembles a short-term capitulation. However, additional data on liquidations, open interest, and funding rates are needed to confirm this scenario. It is too early to talk about a complete trend reversal.
Spot Volumes Emerge from a Three-Year Slumber
Alongside this, analysts are noting an important shift in spot volume dynamics. June broke an eight-month decline in activity, which had dropped turnover to a three-year low. Binance led in volume with nearly $50 billion for the month, followed by Coinbase ($32 billion), Gate ($25 billion), and Bybit ($24 billion).
The increase in volumes coincided with Bitcoin's attempt to find a bottom around $60,000. It is at these levels that an intense transfer of coins from hand to hand is observed. The surge in selling at the beginning of the month, which dragged the price below $60,000 after a May peak of $82,000, met active counter-demand each time Bitcoin approached this level.
Analyst's Conclusion
Both pictures—the surge in aggressive sales and the rise in spot turnover—reflect sharply increased activity around the key level. However, it is important to understand: an increase in volume alone does not indicate an upward reversal. It only signals a heightened desire among investors to act. And while selling pressure is generally being absorbed well, the market remains in a zone of high uncertainty.
My expert opinion: The market is in a redistribution phase. Large holders are taking profits, while new buyers are entering in the $60,000 zone. If selling pressure continues, we may see a test of lower levels, but current activity suggests that the bottom may be near. The key signal for a bullish reversal is a sustained increase in open interest and a decline in funding rates.