Am I reading this chart right that someone just sold over 9000 bitcoins?
Not sure if it was 9000, but it was a shitload
The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling".
It will probably spike back up and the process continues. =)
The other reason is that dumping the coins slowly would allow the price to go down, possibly costing more than it's worth. The big bidwalls are making panic selling easier.
Agreed. There's been a bunch of 3-4K coin dumps today. I find it hard to believe it's a whole bunch of big investors panic selling. If you wanted to force the price lower, 3-4K sells pushing the price down quickly, suckering in panic sellers, is pretty much the way to do it.
There's also quite a few people who aren't big investors, but also have that many coins. Someone on reddit hit over $1 million a couple weeks ago, with a fairly small initial investment. They planned on cashing out slowly.
Seeing a crash like this could easily lead someone to selling it all off at once.
