[2018-03-07] Tokyo`s Bitcoin Whale Has Sold $400 Million

[ivanpoldark]

Some people still doubt the fact that Bitcoin and cryptocurrency markets are manipulated by big-money players – commonly referred to as “whales” – who pump and dump large stocks of cryptocurrency. Those people have never heard of Nobuaki Kobayashi.

Tokyo`s Bitcoin Whale

Nobuaki Kobayashi is an attorney from Tokyo, who also just happens to be the bankruptcy trustee for the no-longer-operational Mt. Gox — the Tokyo-based exchange which filed for bankruptcy protection after losing 850,000 Bitcoins.

On Wednesday, Kobayashi disclosed that he has sold off roughly $400 million worth of Bitcoin (BTC) and Bitcoin Cash (BCH). He claims the process began last September — which also happens to be when the cryptocurrency market really started to heat up.

Kobayashi is still holding another $1.9 billion worth of Bitcoins and Bitcoin Cash, which he is also considering selling in an effort to pay off Mt. Gox’s creditors. For reference, that means Kobayashi still holds roughly 179,245.37 BTC — though that may be unevenly divided with Bitcoin’s unwanted step-brother, Bcash.

Unsurprisingly, Kobayashi claimed his strategy for selling the prized cryptocurrency was comprised of little more than trying to get “as high a price as possible.” In other words, he was probably having a ball day trading with some big money. (You know when you see those 200 BTC sell walls miraculously appear and disappear?)

According to Bloomberg, disclosures in Kobayashi’s report Mt. Gox’s website indicate that the trustee has averaged roughly $10.5k per Bitcoin during his initial sell-off period. At the time of this writing, Bitcoin is currently trading at $10.6k on popular US-based exchange Coinbase.

Read more: http://bitcoinist.com/tokyos-bitcoin-whale-has-sold-400-million-and-thats-just-the-start/

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[davis196]

Do you say that this Mr.Kobayashi is a bitcoin whale?This is wrong.
This is guy is just a bankrupcy trustee and he sells the bitcoins,that belong to all the people ,who were scammed by Mt.Gox.The real scammer stands behind Mr.Kobayashi and this japanese attorney only executes his orders.So this is where the btc stolen btc from MT.GOX are...

[man22555]

Do you say that this Mr.Kobayashi is a bitcoin whale?This is wrong.
This is guy is just a bankrupcy trustee and he sells the bitcoins,that belong to all the people ,who were scammed by Mt.Gox.The real scammer stands behind Mr.Kobayashi and this japanese attorney only executes his orders.So this is where the btc stolen btc from MT.GOX are...

Basically, everyone trading with a huge amount of Bitcoin (or any cryptocurrency) is a whale since those people have a great influence on the price fluctuation. So yes, a sell wall of several thousands of Bitcoin can definitely be considered as action of a whale.

[sindikat]

Perhaps such problems not only have him. Expecting a rise in prices for cryptocurrency whales kept the coins and took out loans in Fiat. Now it's time to pay the debts. They sell coins and for this reason the market is feeling downward pressure. When the time of payment of taxes and loans is over, we will again see a stable growth.

[prehisto]

This reason combined with the flash rumours of Binanace hack was the reason for the big dip from 10600 to 9600 in a heart beat which does not make a lot of sense from technical analysis point of view.

[Sahyadri]

This reason combined with the flash rumours of Binanace hack was the reason for the big dip from 10600 to 9600 in a heart beat which does not make a lot of sense from technical analysis point of view.

He has been selling his Bitcoins worth $400 million since September. There wasn't a sudden sell off and thus this news wasn't a major reason for the yesterday's price drop. Majorly, the Binance rumored hack was the main reason which made people panic a bit since Binance is top exchange in terms of volume.

[Theb]

If he is selling Bitcoin for Mt. Gox it means that he is not a whale as the Bitcoin is not his as the profit will be used to pay off the creditors of Mt. Gox. Obviously if he had sold 400 million dollars worth of Bitcoin is has affected the market as we are now experiencing 9,000$ again. But I don't think that only his shares affected the global market maybe a lot of the real whales have decided on selling there own Bitcoin in order to gain more.

[BitcoinGuruOne]

it seems that he did not sell 400 mil of BTC in one go, but it could be possible that he sold about 100 mil yesterday and it could have crashed it.
Anyways i think that it would be much better to give people back BTC and not FIAT and let them decide when and if to sell it.

[odolvlobo]

Some people still doubt the fact that Bitcoin and cryptocurrency markets are manipulated by big-money players – commonly referred to as “whales” – who pump and dump large stocks of cryptocurrency. Those people have never heard of Nobuaki Kobayashi.

Manipulation means controlling the price in order to trade at desired prices. Simply buying or selling large amounts is not "manipulation", even when it causes the price to move.

[BitcoinGuruOne]

I researched this matter further and it the article seems a bit off with their math , they describe several sell offs which all amount to 38 000BTC . But in the end of the article, they say that the sum of all the BTC what was  given for selling 35 000 BTC.

Nevertheless, it is very interesting to explore this theory of these sellofs because if it is true and these selloffs triggered the market downtrend in general than other factors which were thought of before does not matter so much as BTC future start and end dates.