Are they needing some funds now and that's why it took that long for them to decide to liquidate it and the rest for four another rounds?
I guess that they're on the right time and the last remaining batch could be sold when the bull run has come. But if they intended to sell that in the first place, they should have decided to sell it on 2021.
not mean to judge, but they seems have enough funds , instead they seems playing with market i guess, lets say i am crazy and they have idea to take some of supply of btc by forcing sell in the low price.
That's more likely then.
And with that money, they know that they can move the market a bit and if that's the plan to just play with the market, we'll see with the other rounds that they're going to do it.
But I'm guessing that they'll have no to little impact from the market.