How much of the 90%+ fall do you really think relates to DMA and...

How much of the 90%+ fall do you really think relates to DMA and quant based flows ie bots? And let's assume the disclosed short interest is correct / close enough to correct.

I agree the trading programs play around with the bid offer and the stacking of orders etc, but do you think that is really having a big impact on the primary trend, particularly given the short interest is quite low?

Insto and retail buy and sell flows whether done via DMA or a real broker are having a much more significant impact on the price than quant funds and other computerised trading flows. And these flows are like due to the previous high expectations that haven't been met etc etc (see all my other posts).

Also a lot of the insto DMA orders are likely VWAP trades which should make little difference in terms of the manpulation being referred to. But this flow will definitely impact price but whether it is done via a computerised program or not is a separate issue to manipulation.

My guess is that quant funds and non VWAP DMA orders are playing around with intraday volatility and adding a bit to the daily volatility, but having minimal impact on the primary trend particularly given the short interest is so low .

I am definitely not saying you're assuming this, but lots of people think they are smart when a stock they're long goes up but when it goes down it must be manipulation etc (attribution bias).