Volume is not liquidity. You can’t deduce anything about the impact of a $10mm ETH market sell from looking at volume. If you dump $5mm ETH on the GDAX ETHUSD

Volume is not liquidity. You can’t deduce anything about the impact of a $10mm ETH market sell from looking at volume. If you dump $5mm ETH on the GDAX ETHUSD market right now, the price would fall from $290 to $250[1]. [1] https://www.gdax.com/trade/ETH-USD https://www.gdax.com/trade/ETH-USD (click “depth chart” in upper right corner)