i think it's a safe bet that some of this volume is happening in open market trades. and all the behavior on L2 suggests a supply of shares in large blocks, and a demand for these shares from deep pockets.
i've said this before, and i still think it's true -- right now retailers are just like rubber duckies on the ocean, getting tossed high and low. but the number of shares for sale are finite. eventually an equilibrium will be reached and we'll start making our move. when that happens it won't be a few %, either. jmho.
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