It's just my take on it, on the assumption that Mr 1m is a private holder and has a larger holding and wants to sell down, and doesn't want the overhang of a million shares continually sitting in the offer column staring at anyone looking at the market depth.
I don't think this is the action of an insto or a holder who had just the 1m shares as he likely wouldn't care about the stopper appearing in the offer column.
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