That's a common misunderstanding. Market makers can hide their order sizes by placing small orders and updating them whenever they get a fill. They do this in order to unload or pick up a large order without tipping off other traders and scaring them away. INOH is known for its dilution from block positions (W trades and Form T's), almost 2 Billion this year. The most common MM's they dump through are VFIN and VNDM.