Part 15/20:
Rob noted that large buyers—such as institutional funds—typically prefer private transactions (over-the-phone arrangements) to avoid impacting market prices. Cohen highlighted that if exchanges become depleted of supply, prices could surge sharply once large buyers step in.
Ben introduced a nuanced perspective, questioning whether liquidity should be a priority. Although decreasing supply suggests potential for price appreciation, he pointed out that stable liquidity and the ability to sell large holdings are equally important for market health. The absence of immediate price movements, despite declining exchange balances, indicates that large holders have not yet fully committed or that market psychology remains cautious.