Not even retail investors show the volume they want to buy or sell, so why would MMs?
btw, I don't think anyone denies that the share issuance creates an overhang, and that the consequent sales do come in some waves from certain market makers. I'd even venture that one or two warning post per day that this is happening is widely appreciated on the board.
If there were a way to quantify what the overhang is and how much it's being diminished, that would really, really be appreciated.
But since that appears unattainable beyond pretty sketchy speculation, the minute by minute recounting of Level II watchers and the repeated declaration about knowing what they are doing is very much less widely appreciated, to understate.