Kobayashi's movements did not cause the market crash but they certainly contributed to the extent and length of it. The crash was caused by an unsustainable growth and a dearth of people willing to buy at the overly inflated prices in the high teens. It was inevitable that the market would dip. What unfolded by that can be attributed to Kobayashi in some part. It would seem based on the timing of his sells that he was holding out for a higher price and loving life when prices were around 20k but then when shit hit the fan he went in to hyper panic along with a lot of the newbs. He sold a chunk at 6k which is the biggest sign of panic.