10k bfx wall is back
They obviously do not want to sell and I am betting they are using a pretty high amount of margin to execute it. The fact that weak hands are actually selling because of it is sad.
I would disagree that they don't want to sell. They have put the wall up several times over a few days; at this point anyone that wants to buy a lot of bitcoin would have seen that wall pop up and can expect it to pop up again a few times a day, and they will be able to buy a lot instantly without any slippage. This guy is just advertising his wall, waiting for someone to buy. Putting that wall up so often would be idiotic if they don't want to sell because if the price is undervalued, someone is going to buy a few thousand instantly and that wall guy will lose a ton of money.
I just do not believe any major walls that are placed on BFX compare to BSP. With margin and being able to short on BFX most of the time any walls that are placed on BFX will be pulled once it simply gets near the price. I do not even think BFX has that many coins sitting on their BSP account to sell that many coins. If he was willing to sell that many coins, it would completely wipe out BFX's order book like every time there has been a spike. There is a reason why that wall has been holding for so long on BFX compared to if it was placed on BSP. There really aren't any major players on BFX like BSP wanting to even remotely buy that many coins.
BFX has grown significantly and I think its comparable in size to btc-e, not counting litecoin or other alts. BFX doesn't need coins on their BSP account; they have more than enough on their own books. You really think someone is shorting 10k btc on max leverage on bfx when someone could easily buy a large chunk if not all at once, especially now since they have had a lot of time to get their money ready and think about that decision? They could lose a few million very fast if someone does decide to buy into that wall, given that they are shorting. We can speculate about whether or not there are major players on bfx and its hard to tell, but I think there are now just because it is the best way to short bitcoin, which has attracted many traders. No one would risk so much money by shorting 10k btc on the assumption that no one can or will buy into their wall. The reward of possibly buying at most few hundred slightly cheap coins is nothing compared to that risk. And the fact that this person is advertising the wall, putting it for a few hours every day, suggests that they are trying to sell the coins.