I’m not quite clear what other fiat market you’re comparing BTC to but lets say there are at least some with extremely deep liquidity like USD/EUR where you can

I’m not quite clear what other fiat market you’re comparing BTC to but lets say there are at least some with extremely deep liquidity like USD/EUR where you can do 1B trades all day without crushing the order book. I’m not sure its a knock against BTC that it doesn’t behave the same. For example I think you definitely would need some finesse to sell 1B gold without major slippage, but this is just the nature of markets for anything. You can never just dump a significant percentage of anything, even USD without distorting price. On the other hand I have no doubt you could realize nearly all of 1B in BTC using proper trading strategies/algorithms over days or weeks, so I don’t see what would be learned from the test except “how deep is BTC liquidity currently” which is kind of what the market is trying to determine all the time anyway.