If one of the market makers for a broad ETF e.g VAS is buying then price is irrelevant I'd presume as the ETF is 'blind' to individual stocks and their prices.
Same would go for non-SMSF super funds. Money floods in, super fund enters the market and purchases. The super fund can't really time the market too much.
Meaning there would be a disproportionate amount of insto money Hoovering the shares up price unaware vs John & Jane retail buyer.
CBA TA update, page-1022
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