Bitcoin endures 48-day selling streak on Binance as price tests $60,000

Bitcoin Faces 48 Straight Days of Sell Pressure on Binance as Reserves Swell by Nearly 40,000 BTC

Bitcoin has endured 48 consecutive days of net selling on Binance, the world’s largest cryptocurrency exchange, according to on-chain data that underscores the depth of the current downturn. The streak, which began on April 19, has pushed Binance’s Bitcoin reserves from 619,529 BTC to 659,488 BTC — a gain of roughly 39,958 BTC that reflects sustained distribution by holders moving coins onto the exchange.tradingview

Selling Intensified in Late May

The analysis, published Friday by pseudonymous CryptoQuant analyst Crazzyblockk, tracks the BTC Exchange Net Flow Indicator, a 7-day moving average of Bitcoin entering or leaving Binance after excluding internal wallet transfers. Positive readings indicate net deposits, which are widely interpreted as sell pressure.tradingview

Crazzyblockk noted that what started as mild inflows in mid-April escalated on May 28 into territory denoting “strong sell pressure.” June 2 saw the single largest daily adjusted net inflow of the streak at 8,791 BTC. By June 5, the daily figure had pulled back to 1,679 BTC and the 7-day moving average had compressed, leaving the market in what the analyst called “an uncertain phase”.tradingview

Notably, whale wallets accounted for an average of just 46.76% of Binance inflows during the period, a share Crazzyblockk said is not typical of institutional distribution events. The selling, in other words, appears broad-based rather than driven by a small number of large players.tradingview

Bitcoin Tests Critical $60,000 Support

The persistent exchange inflows have coincided with a steep price decline. Bitcoin briefly dipped below $60,000 on Friday for the first time since before the November 2024 presidential election, falling as low as roughly $59,100 before recovering, according to CNBC. The cryptocurrency has lost about 30% since the start of 2026 and now trades at less than half its all-time high of approximately $126,000 set in October 2025.fortune

Separate data from Binance Square showed Bitcoin reserves on the exchange had already been climbing for months, part of a broader shift from accumulation to active distribution as the price retreated from its cycle peak. The $60,000 level now serves as both a psychological and technical support floor, with analysts warning that a sustained break below it could open the door to further losses toward the mid-$50,000 range.binance

What Comes Next

Crazzyblockk observed that the last accumulation signal on Binance appeared on March 14, well before the current sell streak took hold. With both the daily net inflow and the 7-day moving average now declining from their peaks, the analyst suggested that the next several trading sessions on Binance will determine whether the easing represents “a genuine reversal or merely a temporary break in the broader distribution”.tradingview