To start with your estimate of the shares that can't trade is pretty low, probably more like 90%, but even so, that would leave a billion shares available to trade.
Secondly we aren't seeing any real volume. An average of 5 million shares a day translates into a few hundred dollars a day and more importantly less than two tenths of one percent of the OS.
So where are they coming from? Who cares? It is less than pocket lint.
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