The Slaying of the BearWhale: a 30,000 BTC sell order

The “Slaying of the BearWhale” is a legendary event in Bitcoin’s history that occurred on October 6, 2014. It refers to the day when an anonymous trader, known as the BearWhale, placed a massive sell order of 30,000 bitcoins at a price of $300 per coin on the Bitstamp exchange. This sell order was visible to the entire market and represented a significant supply of bitcoins that, if sold, could have drastically affected the market price.
 

The term “BearWhale” is a portmanteau of ‘bear’ (a market term for someone who believes prices will fall and may profit from a decline) and ‘whale’ (a term used to describe individuals or entities that hold large amounts of cryptocurrency). The BearWhale was believed to be a single individual who had lost faith in Bitcoin due to the scaling debate and the future of the cryptocurrency.
 

As the BearWhale began selling his bitcoins, the price of Bitcoin started to drop. However, the community rallied together in a show of solidarity and began buying up the bitcoins. Over the course of several hours, the entire sell wall was absorbed by the market. The event was seen as a victory for Bitcoin bulls over a significant market adversary and was celebrated by the community. The defeat of the BearWhale became a symbol of the resilience and collective strength of the Bitcoin community.
 

The aftermath of the event led to various discussions and speculations about the identity and motives of the BearWhale. It also inspired artwork and became a part of Bitcoin folklore, representing a moment when the community came together to uphold the value of Bitcoin against a substantial market force.