You can't sell Neurotrope warrants into the market. They are non trading warrants. The warrants first have to be sent to the Transfer Agent. The Agent verifies the warrants and then issues a stock certificate. Once you receive the certificate you send it to your broker and the shares are put into your account.
Each individual investor will decide when to exercise their warrants. Some will, others will delay for a variety of reasons.
I think most of todays trading volume is day traders taking short term profit and computer trading programs cutting in front of retail.
Typically investors with warrants will sell shares into a rally ahead of test results to get back their original investment and hopefully more. They will hold warrants. Like with NTRP, the last equity raise was at $6.40/share and $12.80/warrant (got 1 warrant for each share purchased). Here, if they sold at $18.47 they would triple their investment and hold warrants in case results are positive and the stock blows out. I would be surprised if many people are selling warrants now.