Years back, an exchange called Mt.Gox was hacked. They then filed for bankruptcy and all of the BTC was awarded to a bankruptcy trustee. This trustee has begun selling the close to 200,000 BTC, currently worth 2 Billion dollars USD.

"The MT Gox trustee has sold 35,841 BTC for $362 million and 34,008 BCH for $45 million according to reports coming out of a creditors meeting held earlier today." Sales started in December.

More than half of the bitcoin they sold (18k btc) was transferred to an exchange on Feb 5th. The day before bitcoin hit its 3 month low of ~$6000.

The arrows on the chart below mark the dates of each Gox wallet transfer. Worth noting, these aren't the dates of the sales, those most likely happened right after, these are the dates of the transfers to the exchange.

The trustee still has 162k bitcoin in their account. You can track this account and any movement of funds here:

http://gaelb.alwaysdata.net/MTgox_watch_CW/index.html



Will the trustee, Nobuaki Kobayashi continue to sell. Or is he done for now?

Two things are certain,

He has a LOT more firepower left. ( 4.7X the firepower of the dump that brought us from 20K to 6K ) His selling impacts the market drastically.

Price action does not affect the adoption or technological advancement of blockchain or cryptocurrency. However for traders in long positions, it can certainly test the patience, as this remaining 160K BTC has to power to keep the charts bearish for a while to come if Kobayashi so chooses.

In the 3+ year long term, I've never been as optimistic as I am today about distributed ledger technology. However, the price action and the volatile market is a beast of it's own. We have beautiful green pastures ahead, and we have many storms to cross to get there.

Credits to @matt_odell on twitter for the skeleton of this post.

https://twitter.com/matt_odell/status/972193512849584129