The Shorts, are mostly part of a Delta Neutral trade that yields a net gain.
Regardless of up or down.
They sell the Put warrant for a time credit over spot, then short the spot market and buy a call warrant to make the delta neutral trade at a net credit.
So It means the warrant derivities are being Bought long while the Physical market is being shorted.
My head hurts thinking about it, but its close to whats happening.
Even if this Trade yields a fraction of a cent net gain for zero risk, it means unlimited volumes can be traded on Margin for zero risk for a net gain.
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