Content adapted from this Zerohedge.com article : Source
The Whale of the Rising Sun revealed that, since September, he sold Bitcoin off. The total amount was about $400 million. This could be a big reason for the recent pull back in Bitcoin pricing which also had an effect on the alt-coins.
Nobuaki Kobayashi is the bankruptcy trustee for Mt. Gox.
Mt. Gox was the largest exchange before hackers took off with billions of dollars worth of bitcoin from tens of thousands of customers. Mr. Kobayashi started selling the tokens in September meaning he most likely sold some at the recent peak near $20,000.
In the report, he said he'd started selling off the bitcoin and bitcoin cash to raise money for disbursements that the trustee will soon need to begin making as bankruptcy claims are being evaluated, per Bloomberg.
Matt Odell (@Matt_Odell ) presents the full list of transfers out of their wallet.
As Odell points out "More than half of the bitcoin they sold (18k btc) was transferred to an exchange on Feb 5th. The day before bitcoin hit its 3 month low of ~$6000. They panicked and sold the bottom. Market absorbed it well."
The arrows are the date the bitcoin was transferred out of the Mt. Gox wallets, not the sale date. That probably happened a couple days later as the bitcoin was moved to exchanges.
Bitcoin could face more selling pressure as Kobayashi is sitting upon anoth $1.9 billion worth of bitcoin as reported by Bloomberg.
He says he will offload them soon.
Non-adapted content found at zerohedge.com: Source
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