Bitcoin trader floods market with $300 orders, causing price to flatline

If anyone feels like watching the wall slowly drop in real time, I made a website that uses Bitstamp's websockets API.

https://alloscomp.com/bitcoin/wall.html

I feel like I must be missing something. Listing such a massive block of bitcoin for sale ($9 million!) shouldn't cause the price to flatline, it should be dropping as more and more sellers realize the price is effectively capped at 300 for the time being.

I can't figure out why more people aren't rushing in to sell in front of the 30k shares. Conversely, why are people buying now when their would seem to be availability at 300 later if the price doesn't actually drop?

This sort of behavior makes it seem like the market isn't nearly as liquid as conventional exchanges.

Is it possible to see which wallet have recently make a 30k+ BTC transfer to Bitstamp? May help guess how many BTC this trader actually have in stock to sell.

Is this a stop-loss thing or am I missing some other motive to sell this cheap? I feel like the price would be rebounding if this wasn't happening.

I hope this is still around Monday. I would like to buy a small piece of the lot for sale via my local ATM. As of Sunday evening Austin time, there is still 19878 BTC for sale at $300.00 on Bitstamp.

Karpeles is liquidating.