Just moments ago, untold amounts of buyside liquidity hit the Bitstamp order book. The day of October 6th is just beginning, and in the wee-hours of the moonlight a cool $5 million worth of cash gobbled up the remaining “ASK” wall on Bitstamp.
The Bitcoin “Bearwhale” as it’s been called, was a person or persons who collectively controlled 30,000+ bitcoins. Said entity flashed their position size on the ask stack earlier on the day of October 5th, prompting a quick and brief selloff to $275, the lowest price Bitcoin has seen all year.
Bearwhale quickly removed the ask stack and lay in wait, until a wall of 25,000 bitcoins appeared on Bitstamp, prompting a flatline in price for almost 6 hours as plankton gobbled and nipped at the Bearwhale’s bounty.
The Bitstamp Bearwhale has been let out to sea
The Bearwhale hits the deck