DRO Has Crashed But Will It Burn? I Vote No. I'm a buyer today., page-94

No, I don't see it as irrelevant at all. Either a large holder liquidated their holding, or a short trader took a position using borrowed shares, and that caused a significant dip in the share price, which in turned caused an avalanche of holders selling either through activating automated stop-loss orders or manually placed orders. And their certainly was a lot of fear and even panic yesterday, as shown by some of the absolutely ridiculous rubbish being posted here on HotCopper about capital raisings, leaks, lost customers, takeovers, etc. People who knew almost nothing about DroneShield were imagining the worst possible scenarios and leaping out of top floor windows.

So while you could argue that the bulk of the volume was holders selling, not shorters, it was definitely, absolutely caused by that first large flurry of selling between 12:00 and 13:30. Moreover, it was quite possibly deliberate. The originating seller probably stopped selling well north of $2.00 and started buying once the price started to stabilise around $1.70.