this was already well known many months ago. the trustee was liquidating bitcoin and bitcoin cash to cover the trust's outstanding obligations (denominated in JPY). this is exactly what would be expected from a responsible bankruptcy trustee. iirc, his average sale price was much higher than current prices, so creditors can't really complain.

anyway, the trustee's selling obviously absorbed demand that otherwise might have pushed prices higher. but i would never say it caused the bear market. there is an endless number of factors that caused it. you could just as easily attribute it to lack of buyers near the top. if demand was stronger, the market would have blown through kobayashi's supply and kept moving up. instead, we crashed. demand wasn't all that strong, was it?