Yes, if the benchmark is 3 million then most of the time it’s inconsequential but there’s much larger wallets susceptible to being pillaged and I would expect a significantly larger impact from even just 30 million. Further liquidity isn’t a steady state. So, if you happen to execute a significant trade at the wrong time you can trigger a surprisingly large cascade effect.

Which is why very large transactions frequently occur either outside of open markets or across a surprisingly long period.