If you want to ftruncate but keep the end:
<?php
    function ftruncatestart($filename,$maxfilesize){
        $size=filesize($filename);
        if ($size<$maxfilesize*1.0) return;
        $maxfilesize=$maxfilesize*0.5; $fh=fopen($filename,"r+");
        $start=ftell($fh);
        fseek($fh,-$maxfilesize,SEEK_END);
        $drop=fgets($fh);
        $offset=ftell($fh);
        for ($x=0;$x<$maxfilesize;$x++){
            fseek($fh,$x+$offset);
            $c=fgetc($fh);
            fseek($fh,$x);
            fwrite($fh,$c);
        }
        ftruncate($fh,$maxfilesize-strlen($drop));
        fclose($fh);
    }
?>
It will not just cut it but search for a newline so you avoid corrupting your csv or logfiles. But I don't know if you will stress the reading head of your drive. ;)