Bitcoin Forum

This is extremely aggressive selling directly into the bid...market sells every time the bid reaches close to a previous high.  The only explanation that makes sense is the whalebear that wants it to go down.  Rational sellers that want the most for their coins do not use this strategy unless they are incredibly stupid.  So to me, the miners needing to immediately sell just doesn't hold water.

Let's assume some whale or whales are doing this.  How many coins are we talking here?  Are they ever going to run out of coins?  This has been going on for a long while on multiple exchanges, that seems like a shitload of coins that should by now have traded to stronger hands.  Are they operating on multiple exchanges?  Are they doing it on margin?  If so wouldn't we signs of this in the swap order book? (I don't know much about swaps and where to look that stuff up).

Stop believing the bull-tard bullshit.


This is just too much $ worth of supply versus current inexistent demand this is what this is.

Well how can I argue with that.  Shorting bitcoin does happen you know.  Dumping 1000 coins into the bid isn't explained by supply vs demand.

Well, there are more Russians getting out due to increased restrictions and penalties, so that's going to escalate the already downslope.  People claim Russia isn't that big of a deal, but there was probably a good amount of Russian cyber thieves holding large amounts of BTC.

Hadn't thought about that, but thieves selling bitcoin to operate under the law seems like a contradition to me.

And how's that?

You are right from a shallow angle, there isn't enough demand to absorb the selling pressure, therefore the price is declining.  I'm asking further, is this normal sell pressure or someone with a purpose?  Bitcoins have been coming into the system at a rate of 3600 per day for a while now.  Yes, there are more merchants taking Bitcoin, I suppose you could make the argument that the selling pressure is from people spending and the merchants converting to fiat, but I subscribe to the belief that these coins are purchased off the markets.

Take the sell on bitstamp not minutes ago, 400 ($130k) coins straight into the bid.

It's panic and for a good reason.

When we were at $680-$500-$400 (and even more of course months ago) etc anyone just dumping his stash into the bids would have done a perfectly sound move.
If BTC goes to $150-200 (or even lower) for example dumping now is a decent move still.

Also, merchants who accept BTC just market dump on exchanges through BitPay (read their terms in their site), the sell pressure can't get any more direct than this.

You may be right.  Regarding BitPay, I wasn't aware there was direct information how BitPay unloads the BTC the convert to fiat.  Please link the TOS from BitPay where it says exactly how they sell their BTC.

I watched massive buy walls instantly crumpled by selling directly into the bid yesterday. The funny thing wa that the sell walls were almost non existent, but the buy walls kept on shattering.