I don't believe that's the case, they have a large IXC...

I don't believe that's the case, they have a large IXC holding of which they cover actively due to retail traders success in following their research on PAR. They have quite the following, to the point they found a market for weekly discussions by creating a podcast for this retail following.

Many have peppered them with the "what's the next PAR" question and following phase 2 success and CR, IXC is now in that sleeper category where it's a great ground floor entry point for retail traders imo.

As of their podcast titled "Update: PAR and IVX" from 30th of July, they are taking these prices as continued accumulation.

Is there any reason in particular that you have suspicions of them being on a retainer?