Markets will be spooked by something. If not this, there will be something else. He has a job to do (ie liquidate assets) and that’s what he is doing. I assume he doesn’t want to drop the price (as he will get less for the coins he is dumping) but equally, he doesn’t want to drop fees into the market over many years!
This will come to an end and we can all move onto the next crisis!
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This can be done otc with no effect to the markets.
But unless his terms of reference state he has to avoid market impact, why should he care?