But for reference, in today's market you could expect to be able to negotiate a 1-2% spread in converting $1Bn in bitcoin to US Dollars. It would have to be multiple orders throughout the day as an OTC dealer will quote on price for $100m and a different price for $1bn.
Block orders in the bitcoin OTC market often has more daily volume than the lit market on exchanges. Similar to other commodities markets.
I was trying to see which is cheaper for the use case of "I hold USD in the US, I want to spend it locally as HKD in Hong Kong", which I think is what pbhjpbhj is asking.
the cost is 100% tied to liquidity of that market. the bigger and deeper the market, the lower the transaction cost.
It is more likely that HKD's bitcoin market would be less liquid than USD's bitcoin market, so you would want your bank in Hong Kong to accept a USD deposit from a local OTC broker, and then convert to HKD at that point if you wanted or needed it.
Typically I will begin placing an order with two OTC desks at the same time, while also looking at exchange order books. I game the brokers against each other.
If it is a smaller order (5 - 6 figures) I will compare Coinbase Pro's fees with whatever my OTC desk is telling me. OTC has to be less than Coinbase Pro.
So thats how I pretty much guarantee a less than 1% fee.
$1bn = multiple OTC desks and multiple orders. The bitcoin market is much deeper than people think and gets deeper every day.
