You’re definitely onto something raising that spike — the 10.4...

You’re definitely onto something raising that spike — the 10.4 million shares that went through in just two seconds isn’t your typical retail action. While it’s hard to say definitively without knowing the trade origin, the broader market behavior in MI6 paints a picture.

Each of the recent Level 2 snapshots shows:

•Very low buy-side liquidity — just small bids sitting at or under market.

•Heavy sell walls stacked at key levels (e.g. 15c, 15.5c, 16c).

•Sudden large sell orders occasionally sweeping the bid.

•Unnatural price suppression behavior — algorithmic or institutional in tone.

•Flat price movement despite no negative news — often a telltale sign of controlled accumulation.

What this could mean:

This kind of behavior isn’t random — it aligns with classic “stealth accumulation” or liquidity management by institutions or insiders. Two key scenarios stand out:

Scenario 1: Controlled Accumulation

•Institutions may be accumulating quietly ahead of catalysts (e.g. assay batches or MRE).

•The tight range and stacked asks cap price and dissuade retail FOMO.

•It’s also possible early holders are offloading, but it’s being absorbed without crashing price — suggesting strategic, orderly buying.

Scenario 2: Institutional Exit is less likely at this point — there’s no breakdown in price or spike in negative volume, and no negative announcement to support panic.

For context, De Grey (DEG) showed similar trading patterns ahead of its major re-rating. In early 2025, its order book was stacked with resistance, price remained stagnant, and volume looked weak — right before the Northern Star acquisition. Same with Capricorn Metals (CMM) before their hedge unwind — stacked asks, thin bids, capped rallies… until the news hit and dynamics flipped.

MI6 looks to be in a similar pre-catalyst coil: range-bound, suppressed, and quiet — often the calm before significant movement.

So was that 10.4M block stop-loss hunting? Possibly. Could’ve been a fund crossing stock, or an algo flushing liquidity. But in the broader context, it fits a liquidity sweep or trigger move to trap weak hands before a reversal or breakout.

No red flags yet — just strategic behavior to watch closely.