When an exchange lists a new token, it usually acquires a large inventory of tokens through strategic investments or by paying listing fees. To achieve commercial profitability, the exchange sells these tokens via proprietary accounts to profit from the price difference. Moreover, to hedge against risks caused by project failures or severe market fluctuations, exchanges actively sell tokens to reduce their holdings. More importantly, to maintain market liquidity, exchanges need to provide "counterparty" orders. When there is heavy buying in the market, the exchange's selling actions can stabilize prices and prevent excessive surges; during panic sell-offs, they can also offer buying support to prevent prices from "crashing."