

Bitcoin trader floods market with $300 orders, causing price to flatline - drewvolpe
https://bitcoinwisdom.com/markets/bitstamp/btcusd?flatine

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aftbit
If anyone feels like watching the wall slowly drop in real time, I made a
website that uses Bitstamp's websockets API.

[https://alloscomp.com/bitcoin/wall.html](https://alloscomp.com/bitcoin/wall.html)

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bobbyhotpockets
I feel like I must be missing something. Listing such a massive block of
bitcoin for sale ($9 million!) shouldn't cause the price to flatline, it
should be dropping as more and more sellers realize the price is effectively
capped at 300 for the time being.

I can't figure out why more people aren't rushing in to sell in front of the
30k shares. Conversely, why are people buying now when their would seem to be
availability at 300 later if the price doesn't actually drop?

This sort of behavior makes it seem like the market isn't nearly as liquid as
conventional exchanges.

~~~
ISL
Apparently, a lot of people are happy to buy at $300, and think the price will
go up or have some other use for that many BTC.

It'll be neat to see if another whale comes along and cleans it out at the
fixed price.

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s_hamster
Is it possible to see which wallet have recently make a 30k+ BTC transfer to
Bitstamp? May help guess how many BTC this trader actually have in stock to
sell.

~~~
sprice
[https://blockchain.info/address/1JX5hS3HyVT3VwnEgvoPLVu6ujPF...](https://blockchain.info/address/1JX5hS3HyVT3VwnEgvoPLVu6ujPFH7BvrY)
(via
[http://www.reddit.com/r/BitcoinMarkets/comments/2icv68/daily...](http://www.reddit.com/r/BitcoinMarkets/comments/2icv68/daily_discussion_sunday_october_05_2014_part_2/cl10h00))

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DotSauce
Is this a stop-loss thing or am I missing some other motive to sell this
cheap? I feel like the price would be rebounding if this wasn't happening.

~~~
drewvolpe
Yes, this trader is single-handedly keeping the price from going above $300.

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SlipperySlope
I hope this is still around Monday. I would like to buy a small piece of the
lot for sale via my local ATM. As of Sunday evening Austin time, there is
still 19878 BTC for sale at $300.00 on Bitstamp.

~~~
drewvolpe
It won't last much longer. The trader started by putting 30k Bitcoin in orders
and it's now down to 19k. You can follow along by watching the red line in
this chart:

[https://bitcoinity.org/markets/bitstamp/USD](https://bitcoinity.org/markets/bitstamp/USD)

~~~
coin
Ugg, mBTC quoting, took me a sec to realize

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Shad0w59
Karpeles is liquidating.

