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Bitcoin's Tokyo Whale (not to be confused with that Tokyo Whale) revealed on Wednesday that he has sold off about $400 million in bitcoin and bitcoin cash since late September.
Kobayashi made his disclosure in the report from the 10th creditors' meeting, which took place Wednesday.
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.
Friends don't let friends trade emotionally. If you really believed in Bitcoin, you'd stop perpetuating (or acting on) FUD.
https://cointelegraph.com/news/effects-of-mt-gox-trustees-400-mln-sale-on-bitcoin-markettl;dr:
Conclusion: Kobayashis actions not so significant
The rebound in the price of Bitcoin from the alleged declines caused by Kobayashi may have also been induced by Kobayashi.
Its possible that investors bought more Bitcoin after Kobayashi drove the price down, which moved the price of Bitcoin back up and caused the cryptocurrency to finish in the green four out of the five sale days.
The correlation between Kobayashi selling Bitcoin and the return on Bitcoin for the day is negatively correlated at -.655240891. This means that the movements in the price of Bitcoin and the amount of coins that Kobayashi unloads on the market move independently of each other.
Consider:
- Goxees are actually receiving settlements?! Wowee. How much of that will come right back into crypto? Kobayashi may be an idiot, and a short-lived one at that, but the fact that Bitcoin has appreciated so frucking much that the trustee only needed to liquidate 15% of the recovered stash to pay back ALL the creditors' claims is a miracle in and of itself. That's not exactly how the story ended with Bernie Madoff's clients. This fact is being WAY under-reported. I can't believe the market is focused so much more on slippage instead of Bitcoin's incredible asset appreciation since then. The real idiots in this story are the judge and creditors who insisted on being paid back in fiat-equivalent at the time of Gox's collapse instead of Bitcoin, just because the price of BTC continued to collapse post-Mt Gox. Oh ye of little faith, careful what you ask for and now eat your frucking cake!