Makes a lot of sense to me, I believe you are correct.

I know from my personal experience of recent buys, CDEL is the mask market maker and my brokerage is patching through them.

I believe the market makers are hiding their naked short positions through each other. At least, based on my experience that is what it looks like.

If you happened to notice, CDEL is the bid and ask for most of the day and most of the last couple of weeks here. Also, certain posters are very angry with me for calling this out and discussing this in public.

AlanC likely has more insight....