Interesting article that came out a day ago. The trustee managing the Mt.Gox bankruptcy has sold $400m in BTC over the last 6 months, and one of his largest sells coincides with February’s BTC price drop to $6,000. He’s got another $1.6-1.9 billion to sell off (about 160K bitcoins). His method of market dumps is ridiculous!
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Perhaps there’s a method to the trustees, madness, and we can find a pattern in his selling schedule. You could then buy the dip. I guess that’s easier said than done.
Who flagged this post, and why?
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Perhaps there’s a method to the trustee’s madness, and we can find a pattern in his selling schedule. You could then buy the dip. I guess that’s easier said than done.
Will whoever flagged this post please explain to me what you found to be objectionable in it?
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The system did it.
I got a PM from Jess explaining that the system thought that the poster’s IP address was suspicious, so the system flagged his post. Then, when actual people took a look, they decided the system had got it wrong, and they restored the post.
So, you see? Nobody is to blame. It was the “system”.
So it seems that the seller did not understand the principles of “unloading a large holding” - No doubt he has been informed of the way to do it by now.
I expect there are other “whales” out there ?
If a large holder can drop the market price by 60-70% just by letting go of just £400 million dollars worth over 6 months, I expect the other “whales” are considering their own positions.
Interesting on two fronts
- How is he going to get rid of the remaining $1.6 billion without affecting the market ?
- Does the huge reporting of the meteoric rises and blind faith of “Retail” - point to a manufactured “Feeding frenzy” ? Often observed at peaks as “Smart money” is quietly baling out ?
And
3) Is there a warning to be recognised here for Babypips members HODLing BTC ?
I feel like there really is a pattern. Yesterday the dump was exactly at the time I was expecting it. I don’t know if that had anything to do with this.
Today is different though. No pattern, just dump dump dump. 
Care to explain why you were expecting a dump? I’ve come to witness a lot of large buying and sellings on Fridays mid day and into the afternoon US time, which I think is the result of mainly Asian trading activity (“the work week has ended and I can focus on my investments”). What are your thoughts on that?
Great questions you pose. I think a telling sign will be what happens as we near the $12K mark, or if we ever break it in the next couple of months. And hopefully the trustee has learned his lesson after some media coverage of his trades. I wonder, though how much of his order got filled anywhere near the initial sell price.
Well, word on the street is the trustee won’t sell again until September, but that doesn’t appear to be helping overall sentiment with BTC trading around $8600. Boo.
You seem surprised ?