I firmly believe that the majority of people who bought at .0003 and .0004 when the toxics were being dumped 50M per tick down per day were longs who had the confidence where REDG would go once GSL was launched - hence the lack so far of 50M>100M on the ask on any uptick from 1>2-tick flippers.

I also believe, from the negativity posted elsewhere up until a few days ago, many longs have averages way above the current level. Accordingly, as and when they see that there is no opportunity to pick up more on the bid (as with .0003 from 3 days ago), we get a build of the bid one tick higher and then, if the ask is relatively thin (under 20M), just one whale like buy of 5M+ causes others to jump on the ask in case it is a never to be repeated opportunity. In reality, some may get lucky on the bid the next day if the diluters have any to sell.