$PI When exchanges list new tokens, they typically acquire large token inventories through strategic investments or by paying listing fees. To monetize these holdings, exchanges sell these tokens through proprietary accounts to earn spreads. Additionally, to hedge against risks from projects "blowing up" or severe market volatility, exchanges proactively sell tokens to reduce their own positions. More importantly, to maintain market liquidity, exchanges need to provide "counterparty". When the market experiences heavy buying pressure, the exchange's selling can stabilize prices and prevent excessive rallies; when market panic selling occurs, it can also provide buying support to avoid price "crashes".