30,000 bitcoin was rolled out onto the market at a price of $300 per coin by a person or group recently and it isn’t clear who was behind the sale, or exactly what they were aiming to do with this sale but it meant millions of dollars in revenue for the party involved.
The number of coins that were made available at the $300 mark, then below the market price, meant that it took quite a while for buyers to really sink their teeth into them.
The market wasn’t collapsed by the sale, and the market wasn’t by any means flooded since the coins were offered for a specific price and at a floating rate — $300 or no sale. After the sale, the price of bitcoin rose to just over $340 per coin, where it is currently set.
Why exactly was this massive pile of coin sold at $300? Price stability and liquidity: If the party or parties responsible for the sale had tried to sell them in bulk at market prices, they could have disturbed the price and pushed the value of a bitcoin below the $300 mark if they were pitching at a very low sale or at the current price point.
They opted not to do this and instead they made their own little market with what appears to have been limit sale at a low price. The market was willing to buy up the sale because they were buying at discounted rates, the sales person or group got to cash out, and presumably everyone walked away with a smile on their dial.
Whoever was involved in the sale made a quick 10 percent or higher profit directly afterwards. And the whole incident was deemed blatant market manipulation.
What is the point of selling tens of thousands of coins? Well, if the party had an immediate financial need, it of course makes sense. It could be they lost faith in Bitcoin. That or they might have had a total of about 100,000 coins, and wanted to insure a walkaway stash of money. However you look at it, the party walked away with a cool few millions of dollars.