[pcmonk]

In practice the people who are doing this very likely have that much ETH on hand and can simply use it, then rebuy over time to get back to their preferred holding levels.

If you had $320mm USD and needed ETH, you'd want to use an OTC desk, because the markets will feel it, even though they won't actually run out of depth. Right now the "+2% depth" (https://coinmarketcap.com/currencies/ethereum/markets/) on Coinbase, Binance, and FTX is about 5mm, and there's probably a dozen other markets with similar depth, though you'd want to execute the trades simultaneously. Decentralized exchanges have depth too; uniswap's USDC/ETH pool would let you buy $40mm for 2% slippage. All in all, you could probably get it all at about a 5% premium if you were really prepared for it.

[SEJeff]

I think this is the most sensible response ^

[chrononaut]

Interesting! Thanks for the response.