5 ms·

Bitcoin trader floods market with $300 orders, causing price to flatline

31 points by drewvolpe 12y ago

SlipperySlope 12y ago
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 12y ago
  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 12y ago
    Ugg, mBTC quoting, took me a sec to realize
DotSauce 12y ago
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 12y ago
  Yes, this trader is single-handedly keeping the price from going above $300.
Shad0w59 12y ago
Karpeles is liquidating.
bobbyhotpockets 12y ago
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 12y ago
  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.
deleted 12y ago
[deleted]
s_hamster 12y ago
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 12y ago
  https://blockchain.info/address/1JX5hS3HyVT3VwnEgvoPLVu6ujPFH7BvrY https://blockchain.info/address/1JX5hS3HyVT3VwnEgvoPLVu6ujPF... (via http://www.reddit.com/r/BitcoinMarkets/comments/2icv68/daily_discussion_sunday_october_05_2014_part_2/cl10h00 http://www.reddit.com/r/BitcoinMarkets/comments/2icv68/daily...)
aftbit 12y ago
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

31 points by drewvolpe 12y ago

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 12y ago
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 12y ago
  Ugg, mBTC quoting, took me a sec to realize

DotSauce 12y ago

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 12y ago
Yes, this trader is single-handedly keeping the price from going above $300.

Shad0w59 12y ago

Karpeles is liquidating.

bobbyhotpockets 12y ago

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 12y ago
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.

deleted 12y ago

[deleted]

s_hamster 12y ago

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 12y ago
https://blockchain.info/address/1JX5hS3HyVT3VwnEgvoPLVu6ujPFH7BvrY https://blockchain.info/address/1JX5hS3HyVT3VwnEgvoPLVu6ujPF... (via http://www.reddit.com/r/BitcoinMarkets/comments/2icv68/daily_discussion_sunday_october_05_2014_part_2/cl10h00 http://www.reddit.com/r/BitcoinMarkets/comments/2icv68/daily...)

aftbit 12y ago

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