$PI When an exchange lists a new token, it typically acquires large token inventories through strategic investments or by paying listing fees. To realize commercial returns, the exchange sells these tokens through proprietary accounts to profit from the price spread. Additionally, to hedge against risks from projects "exploding" or severe market volatility, exchanges proactively sell tokens to reduce their own holdings. More importantly, to maintain market liquidity, exchanges need to provide "counterparty." When the market sees a large number of buy orders, the exchange's selling behavior can moderate prices and prevent excessive increases; when the market experiences panic selling, it can also provide buy-side support to avoid price "stampedes."