So, the easiest way to answer this is that the higher the dose, the more conversion that occurs, like an overflowing cup of water.What I mean by that: Your body only has a certain number of androgen receptors. Once they are saturated (the cup is full), all that remains is just inert T floating around (overflowing cup). That T is then converted into either estradiol (estrogen) or DHT.DHT is the hormone responsible for hair loss. So the simplest answer to your question is yes, if you were to divide up your doses into smaller amounts, but given more frequently, your body would be less likely to convert that T into DHT.

Also, I will just mention that a once-a-month dose of 200ml is not standard. Even with the longest-acting esters used in commercially available testosterone products (decanoate, undecanoate), the recommended time between injections is once weekly in order to maintain a steady state of Testosterone daily.

Essentially, we typically recommend doing injections no less frequently than twice a week in order to maintain steady levels, reduce the likelihood of side effects, and to overall more closely mimic the normal testosterone production by the testes.