Look again. Poloniex alone exchanges $1 billion dollars, 3M ETH, on the ETH/BTC pair, weekly. https://cryptowat.ch/poloniex/ethbtc/1w Volume on the path ETH→BTC→USD is a lot higher than ETH→USD and that's the path that whales dumping ETH take.
1) Filecoin gave an amazing deal to their buddies, just a few weeks ago
2) Filecoin is being insanely greedy
3) Early clickers are incentivized, price unknown
4) Protocol Labs and Filecoin foundation are keeping 2x the coins that investors will get
Source: https://medium.com/token-economy/the-analysis-filecoin-doesn...
I wonder what would happen if you went to an Bitcoin exchange and said "I want to sell $100M worth of Bitcoins over the next 30 days. I'll pay your usual fees. After each day's sales, you wire transfer the proceeds to my bank within one business day, and you agree to a sizable penalty if you're late. Any validation of identity you want to do takes place before we do any business."
There are a ton of complaints about Coinbase support, but they cater to the largest clients like every other financial company.
One flash crash happened on the ETH-USD pair on GDAX like a month ago, when a large dump triggered cascading margin calls. Bitcoin has had a few of those over the years too.
GDAX seems to handle 5k-10kBTC on a normal day. So liquidating in a month would be 10-20% of the trading volume on GDAX, every day for a month. Even pushing it out to 3 months liquidating, it would be a sizable portion of the sales. (This would be 0.250BTC/min for 90 days.)
I, too, would like to see what happened if someone liquidated a position that quickly.
(Of course, if you had $100M in BTC, you'd probably want to liquidate over the course of a year -- where you'd still be sizable traffic, but perhaps not completely crash the price. This would be 0.06BTC/min for a year.)
Edit:
Looking closer, GDAX seems to have a volume of about 6BTC/min. So the volume estimates for clearing 30kBTC in X days:
30 days - 11.5%
90 days - 3.8%
365 days - 0.95%
It'll definitely drive the price down ,so that would be a weird thing to do anyway, except if you _want to_ drive the price down.
I would be curious to see the ratios of the currencies involved in their funding. I.e how much raised was in raw USD vs ETH vs Bitcoin. Maybe most was in fact ETH? I have no idea, I haven't seen those numbers listed anywhere.
[1]. https://coinlist.co/static/media/How-to-Invest.0a9f70b4.pdf
Volume is over $80 million in the ETH-USD pair over the past 24 hours, on just two exchanges (Coinbase/GDAX, Bitfinex).
Add in CNY, KRW, EUR and the true liquidity is much higher than that.
They'll need to spread the ETH to basically all the big exchanges, with multiple bank accounts attached, and liquidate large sums everyday for months and hope none of the accounts get frozen.
Still quite the windfall even if realistically just a fraction of the sums being thrown around.
That's why your lawyers and their lawyers have to negotiate this up front and have a deal with penalties signed before any transactions take place. If you're dealing with amounts that big, you do that.
1. https://coinlist.co/static/media/How-to-Invest.0a9f70b4.pdf
As I see it that's irrelevant. Whats relevant is the value at the time of the investment. As of yesterday, they raised Ethereum that had a then value of $186m. The fact that it may go up or down tomorrow is irrelevant.
Based on current ETH/USD rates, the USD figure given translates to ~614K ETH. The value of 614K ETH has ranged from 92MM USD to 240MM USD in the last two months, and has been as low as 4.3MM USD since the beginning of the year.