Basically the people that didn't understand the value of the options may not have purchased them. Don't forget, there are plenty of people that don't understand how they work that don't come to hot copper & find out. There were also plenty of purchasers' that didn't know how they work & would have thought they had made heaps & sold on the first day for 6 or 7 times their money.
Then you have those that do understand how they work. They most likely haven't sold any of their holdings & are buying up what they can whilst the SP is out of the money as it provides the greatest opportunity to leverage. They are also taking advantage of the stock while there is some available, there is little incentive to sell your options at these levels unless you are trading them.
As the options get further in the money the leverage decreases for new buyers but increases for current holders of the options.
I hope this helps.
P.S. - New K2U update with bug fixes & performance improvements
