..

[ElectricMucus]

Lol if you think I'm using leveraged trading. ( I could, oh well anybody wanna see if btce outlives bitstamp?)

As far as implications for the price go, we are going up yeah hasn't much to do with bitstamps possible fraud though.

[1714986564]

1714986564

[1714986564]

1714986564

[ucai6ohz]

Not if the Bearwhale was really Bitstamp selling fake coins, then it has just begun.

Not fake coins but I'm afraid Gox coins. 

[ElectricMucus]

Not if the Bearwhale was really Bitstamp selling fake coins, then it has just begun.

Not fake coins but I'm afraid Gox coins. 

I'm not sure what's worse.

[piramida]

Not if the Bearwhale was really Bitstamp selling fake coins, then it has just begun.

Not fake coins but I'm afraid Gox coins. 

I'm not sure what's worse.

Fake Gox coins!

[adaseb]

Exactly, you shouldn't look too much into this.

Trade what you see.

I made good profit on that orders because at first, price was glued to $300 on other exchanges, when price went too far from $300, I shorted and covered when it went back to $300.


Also when the $300 was about to be taken out, there was a 5% arbitrage against the other exchanges.

Bought at $300, and sold at $320 a few minutes later.


TRADE WHAT YOU SEE.

[ucai6ohz]

TRADE WHAT YOU SEE.

Don't trade, see.

[Skoupi]

Bearwhale created a high volume bottom but in an obvious/manipulative way. This is why the price hasn't skyrocketed but instead has been following a normal recovery growth rate since the crash.

People haven't been convinced that =~$300 is the absolute bottom.

[njcarlos]

OP, I agree w/ a lot of your assessment. He might have bought his own and/or pulled some, but I believe there's more being orchestrated than just that 30k wall. I agree that it was not intended to be negative or bearish, but bullish. The intent was to infuse the market with confidence. That was the first stage. The next stage is more evident based on observations thereafter.

The first observation is 500-1000 walls shift and stagger on both ask and bid sides. While I understand a lot of this is automation, the coalescing at odd "price points" seems to suggest it's one entity, especially on the bid side, which leads to...

The second observation, which is that during this rally almost all of the upward movements have been large market orders, with large 1k+ walls advancing to absorb any large dumps, again indicating one entity. The market rarely moves in unison like that, at random times during the day. And when it does, it doesn't just stop abruptly. It's just not organic/natural imo.

Based on those observations I agree with some others here that this rally has been an attempt to infuse confidence and to get some "organic" and "new" money into the bitcoin ecosystem, perhaps to cauterize the mass bleeding that was occurring.

The problem is that I don't believe they can sustain the market, and when they aren't actively and aggressively buying up the order book asks, volume is very insignificant. To me, that speaks volumes because while they might be convincing some bulls that this is a recovery, it's not having a larger effect which is what I believe they were hoping for.

I guess only time will tell.

[montreal]

They certainly took some time to think it through, assumed the risk and executed, and it worked out better than they had probably anticipated! While the crowd was celebrating slaying the bearwhale, the bearwhale was probably drinking a beer with a huge smile on their face.

[Mervyn_Pumpkinhead]

I also tend to think that those coins were sold to to seller. The volume that followed, just didn't paint a picture of millionaires racing to get their fiat to the exchanges to buy sub 400$ coins. That's the picture that was tried to be shown.
I think that the plan was to scare the old adopters into holding their coins.

The old adopters, who got their BTC by under 1$ by buying, mining or drug trade, are getting nervous. 10 months ago they celebrated in the realization that they are now millionaires. Only now they are beginning to see that those promised millions are mostly only empty promises. The markets are too thin to monetize their BTC. Some of them are willing to risk it, and they're holding. But others are getting nervous and want to cash out just because they don't want to risk everything and see that all the promised millions go down the drain and maybe even back to their parents basements they go.
This demonstration was to show that there still is demand for large lumps and to give the old adopters some peace of mind and to keep them from crashing the entire market.

During this April, I decided that BTC's price is a corpse that only twitches by electrocution. I still hold this opinion.

[BillyBobZorton]

That guy with the 30,000 BTC sell order was an early adopter.

If you look at the wall thread, somebody found his wallet and he has been accumulating coins from 2012-2013. He sold some every few months to take profit and I guess he got out at $300.

Of course he was, 99% of big holders are early adopters. Imagine you had the luck of your life and managed to get a shit ton of BTC for a small amount, it hits 1000, you get greedy, "oh it will go to 2000 easily, let's just wait and become even richier". It starts going down slowly. "Oh it will go back up". And you keep this mentality for ages, until you are PANICKING and sell the entire stack at market price (300 or whatever). This guy is far from intelligent. This guy is just another lucky guy, just like 99% of big btc holders, that guy scared at the possibility of Bitcoin crashing even harder in the next month. Guy got the fuck out, that's that. Now he's enjoying his money, but not without the bitter sensation of maybe Bitcoin starting to recover as you just sold. This was justa big hand getting shaked.