Honestly, is $400M worth of Bitcoin sold over a 6 month period that much?
I know for an individual it is but did it have anything to do with the market pullback. If he started selling in September and sold throughout, a lot was done during a run up. I know he pushed a lot through in the last couple months, yet it is still a small amount compared to the entire market.
Depending upon the time you looked at it, I believe BTC has a market cap as high as $300BILLION...$400M is a small amount....especially when you look at daily trading volume.
Even if he dumps the $1.9B over the course of a month, I dont think that is a lot compared to the overall volume.
If I had to guess, the market drop mirrored the ramp up of the futures market.
More likely is a bunch of people shorted the hell out of it on the future market ending up in BTC having downward pressure.
This makes more sense to me than a guy with $400M dumping it over 6 months.