I doubt there's even 1.7bn worth of Ethereum liquidity available altogether, let alone enough capable of supporting that figure in a 30 minute selloff. What will likely happen is at most 5-10% gets liquidated over the course of a few months to a year and the rest makes the rounds in crypto-crypto OTC deals, or otherwise simply never moves to cash at all.
So you're proposing, what, that Telegram raised money not to use it but for PR? Or just to sit on it Scrooge McDuck style? Granted, at a $100M/year burn rate it would take them a long time to spend it anyway.