That entire $11.84 drop that has your panties in a bunch was a whopping 5500 BTC, and that wasn't only sell volume. 9/10, if someone is on BFX shorting $5M, they know what they're doing.
This is what happened and why Finex was considerably lower than BTC-E and why Finex is still lower than all other exchanges. Yea, some of that volume is buys, but not much. The buy volume is Okcoin and Huobi, and everyone else just follows. Finex will continue to be abnormally lower until this guy stops manipulating.
If there really was a $5 Million dollar shorter on Finex trying to manipulate BTC, then he needs to do his fucking homework first and learn that BTC is governed by the CNY markets, not Finex, and not Stamp. Also, where has this 12K BTC gone? It is nowhere to be seen on BFXdata.com. It is nowhere to be seen in the Bitfinex trading charts. Yes, around 40K BTC has been traded on Finex over the past 48 hours in total, but you are talking about
12K, one guy, which means
24K one guy, by the time he has left his trade! Your theory doesn't have a leg to stand on, here however, is one that does.
BTC is controlled by the Chinese exchanges. Big operators tied in with CNY exchanges main interest is getting CNY out of China, and into USD. The greater the profit they can make doing this, the better it is for them. The final part of Capital Flight road, is of course BTC to USD, on Western exchanges. However, if they cash out on say Stamp, Finex, Kraken, and wherever else simultaneously, then they crash BTC, and that isn't good for profits, when they still have lots of BTC that they want to cash out into USD. So, they just dump on one exchange and one exchange alone. Leaving the rest standing relatively tall, and then ramping again on CNY (painting the tape every step of the way of course), thus brining market back up for nextr round of dumping!
Of course, most likely both these theories are way wide of the mark.
What is more likely, is that the
crooked fucks nice chaps at Bitfinex, were simply doing a bit of Stop Loss Farming, emptying their hapless customers BTC and USD into thier own koffers. And actually, across all exchanges, BTC charts at the moment look like nothing more than one great big n00b Stop Loss farming excercise.