You are probably right about it being II interplay. I’m hopeful Nick has learned from the last disastrous quarterly call and will have good results and projections. If not, it will be a tough slog.
More than likely it is a MM on one end of the trade. During low liquidity, most of the trades are the MM moving the PPS and making their money, but also often accumulating a position, either for themselves or for a large order. Order is filled all at once by the MM but the PPS doesn't move.
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