The price crashed within 5 minutes of BCX threat on Poloniex trollbox, with very large volume. It seemed that at least one very large holder did cash out because of the threat.
You may call him "weak hand", but certainly he had enough to move the market.
I call him Santa Claus.
The threat was (likely intentionally) issued at a time when me and several other large holders were online in the trollbox.
I don't know if the other holders sold, but if they did, it was likely in anticipation of a bigger drop (which never materialized, so they bought back at a loss).What I do remember for certain is that most of the bid side was pulled instead of being sold into, resulting in <50 BTC of bids at the lowest point instead of the normal ~300 BTC and high of >600 BTC. It builded up in minutes after seeing the initial flashcrash to 0.00280.
By the way, contrary to what many think,
the higher lows trend has not been violated daily vwap-wise. The last low from August was 0.00305 and lowest during this bottom is 0.00310.
Warz stated in the trollbox he sold about 80% off his stash, but he would buy back if this threat was over.