Post
Topic
Board Exchanges
Re: MtGox withdrawal delays [Gathering]
by
mike81
on 20/02/2014, 15:30:39 UTC
throughout the last week immediately after the first press release of mtgox regarding halted btc withdrawals, you could observe huge rhythmic btc dumps @mtgox every 2-5 minutes following always the same pattern ("the whale of mtgox"). the sum of these dumps up to now is approx 140000 btc at an average price of around us$270. ie a us$38 mio sell-off. there were a few stuck levels eg at us$261.24 yesterday and us$148.15 the day before yesterday. these were manipulated levels by the whale serving all asks above these levels every 2-5 minutes. this is very difficult to do through the api of mtgox. but very easy if you're in charge of the order book itself.
Is that sum of 140000 btc an honest estimate if you consider someone selling, buying back lower, then selling again? This doesn't show in the volume, but they might be the same btc going in circles. I think many high volume traders got out some time ago and the volume of Gox is highly overestimated.