I can see that his main concern is the fees and he thinks the fees rises more the higher the price. But what about now? The price of the coins is also high but it is seems he had more courage now to make a transaction. Also he looks like he will sell once he transfer his coins inside the exchange. If he does then it is only okay. What you said there is only risky but if the exchange we are talking about is highly reputable then the risk can still be low.

There might also be perks if we will hold inside the exchange than in our wallets. Back in the fees again, he shouldn't be scared about it especially if he knows that he will still profit big time. It will only get compensated there.