$PI When an exchange lists a new token, it typically acquires large token inventory through strategic investments or by paying listing fees. To monetize these holdings, exchanges sell these tokens through proprietary accounts to profit from price spreads. Additionally, to hedge against risks from project failures or severe market volatility, exchanges proactively sell tokens to reduce their own positions. More importantly, to maintain market liquidity, exchanges need to provide "counterparty liquidity." When the market experiences heavy buying pressure, selling by the exchange can stabilize prices and prevent excessive increases; when panic selling occurs, it can also provide buying support to avoid price "crashes."