Keep in mind a whale who wants to get in with any serious amount can't buy at market price because he will buy the price up and pay more. If he buys at offering he can buy all for a set price and not have to worry about sell volume being adequate.
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I'm with you on that one. My comment was not about whales, but rather the "sharks", those cowards that usually sit and wait with deep-out-of-the-money bids waiting for a dump. While the dominant volumes were to the upside over the past few weeks (1-1,7mill USD a day), the corrective dump days were at 100k-600k USD a day.