3. **Exchange Impact**: - **Liquidity:** Most exchanges…

3. **Exchange Impact**:
- **Liquidity:** Most exchanges might not have sufficient liquidity for such a large trade in one go, leading the buyer to split their purchase across different exchanges or over time, which might mitigate some of the impact.
- **Trade Execution:** Exchanges might experience technical issues or delays in executing such a large order due to order book depth or security checks.