The Bitcoin Bearwhale has been Harpooned

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

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