Again, the trade just now for 195k shares occurred at .005175. This 6-decimal (MM) trade again occurred in between the bid and the ask. This implies either that a MM had an all-or-nothing trade pre-placed at this level, or that they "jumped the ask/bid" to fill above/below other MMs/retails.
This also printed red on my trading tools but green on L2, making it unclear whether this was a buy or a sell. If the MM had designated this as an all-or-nothing order, this order could have been placed some time ago and simply not been visible on retail L2/bid/ask. Or, the MM could have entered this order immediately upon receipt of the first trade signal.
I don't know the implications of this except that it's notable that the only large red print for today was "taken" by an MM, and may also in fact have been an ask hit. My hunch, however, is it was a bid hit since significant ask-side activity has occurred today. If it had been an ask hit with an extant all-or-nothing bid in place by the MM in question, what we should/would have seen is the buy for 490,827 at .0052 (4-digits = appears retail) should have been split into two prints, with the first firing for the 195k at .005175 and the remaining fill occurring for ~295k at .0052 as requested).
Why is this important? This trading behavior implies that one or more MMs is hiding their bids and accumulating quietly, which suggests their expectation that significant selling at lower levels will not occur. If they're trying to swipe any sales for themselves, this can only imply scarcity or the intent to cover a short position at this level.
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