The Mt. Gox trustee is liquidating the remaining holdings of the exchange.
Nabuaki Kobayashi has started selling a total of over 200,000 BTC.
He sold approximately 40,000 and still has over 160,000 to sell.
Here is what the bitcoin chart looks like with the dates when he reportedly transferred BTC to exchanges.
For all its size, the bitcoin market is really not all that liquid. This selling pressure won’t stop until this pile is absorbed into the market.
The alt coins trading direction is guided by the direction of BTC.
Therefore, as long as this sale is going on, the general market cap will stay depressed and the true recovery will be delayed.
The good news is that when he does not sell, it appears quite clear that the underlying market sentiment is bullish and prices recover.
Let’s hope he gets through it quickly.
