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What we saw earlier was the bitfinex algorythm in case of margin call cascade.
This is the explanatation of how it work (not official one, just guess).
There is a limit for the margin call cascade of about 10% drop in 1 minute. Then the algo stop market selling the bitcoin , and let the buy order to fill the gap. Then it sell again to the previous limit and repeat the processus until it sold every bitcoin from the margin calls.
I m open to any suggestion or comments
Edit : the begin of the action was due to a single 5k sell order to 575.
This is the explanatation of how it work (not official one, just guess).
There is a limit for the margin call cascade of about 10% drop in 1 minute. Then the algo stop market selling the bitcoin , and let the buy order to fill the gap. Then it sell again to the previous limit and repeat the processus until it sold every bitcoin from the margin calls.
I m open to any suggestion or comments
Edit : the begin of the action was due to a single 5k sell order to 575.
https://blockchain.info/charts/balance?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2