What you were seeing I think was what is called "dark equity" at work. It works like this:
If the market is say $1.415 / $1.425 then dark equity will sit "in the dark" at $1.42. If anyone moves their offer down to $1.42 it will instantly be snapped up and the market does not appear to change except momentarily. Only the big players can do this because their response to the $1.42 offer will be a $1.42 bid for the offered quantity within milliseconds.
Blatant SP manipulation, page-100
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