Hard to tell when market maker activity is part (or all) of it and when it isn't, but most people holding these shares don't want to sell at this time. There may be a few who have been holding for some time and are making lots of profit even at this price, or a last ditch shorting effort with hopes to start some panic selling, but if it's the latter it's not working well at this point and it's risky as hell. Most know what's coming. On the buying side, large purchases are great for someone or some group wanting to add a nice chunk to their portfolio if they can load up in one or two pops without the sellers (if not shorters) raising the ask. If they pay a fixed commission per trade, less trades is the best option for cost, and they can get what they're after in much less time.