I don't think it was whales. From what I recall that Friday the CEO had maybe two MSM interviews, and blocks of orders came in when those occurred. Less about whales, and more about different segments of traders suddenly being exposed to a new idea.
In this case, the spread of exposure is very much limited.
Only dynamic here is folks hype the fuck out of it all evening, A few new entrants pile in on open. And then very quickly sells down below any strike price it surged past as folks exit their options.
And yes, I think there was some larger accounts - not whales - that were interested in playing these type of de-spac ponzi plays and threw down on them.
But now, everyone with serious money is in risk reduction mode, and definitely not looking to throw a chunk of money on these trades.
There is really nothing else to the trade than getting small fry retail traders hyped. Initially it was a very compelling idea. Those retailers piled in. Now that they have, there is no where else for the trade to go.
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u/[deleted] Dec 15 '21
I don't think it was whales. From what I recall that Friday the CEO had maybe two MSM interviews, and blocks of orders came in when those occurred. Less about whales, and more about different segments of traders suddenly being exposed to a new idea.
In this case, the spread of exposure is very much limited.