A large sell volume comes from the investors who bought in around tax time when the shares headed south due to large tax losses to carry over to 2017 or lower the cgt for that financial year. Many of us bought around .5 to average down from .7 buys earlier in the year, with the run to 1-1.5c that alone for a SH with a 1-4mil holding is a $5-40k profit. A lot of people would be happy with those types of gains from a 4-6 month investment, but in my view somewhat short sighted considering they have held this long already.
The other side is the pip traders buying in at .008-.012 and churning over shares for short term gains due to an increased interest in the stock. The major holders from what I have been looking at don't seem to really be moving many of their shares currently and several have increased holdings in the past 3-4 months.
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