Well, if you are bullish, a wall like that means you don't get much price slippage when you buy.
Many people have given this same slippage explaination over and over again since I joined this forum.
The reason I don't believe it is that I've always found it quite odd that someone would sometimes wait for the price to increase by as much as a dollar or two per Bitcoin until we hit a wall only to then buy it all to avoid slippage
My post was to suggest a possible reason for a big chunk of the 1000 BTC ask wall at 123 being eaten. If the wall was further away from the strike price then I think I'd agree with you. IIRC it was just under 123 with very thin asks in between.
IMHO a bullish buyer saw an opportunity to quickly pick up a lot of coins (660) at a fixed price. Wouldn't you prefer to get all your coins at a fixed price and let others lose on slippage as they push the price up?
Note that "quicky" means not having to sit for hours on Gox buying small amounts of coin at a time, or risk pushing the price up by setting a large bid, and finding all the speculators seeing this as a signal to push the price up.
