Usually an existing holder who has already accumulated a large position. Just protecting their position by effectively putting a floor price on RIV so price has limited downside. Also has the effect of driving price higher as those who want in will almost have to place their order in front of the huge $11 queue to get their fill.
By the way this $1M order was at $10.75 this morning so ratcheting of the price upwards is definitely on today.