RAC - Charts & Price Action, page-4268

At a guess earlier holders who bought at a much lower average selling part of their holdings to free carry and take some profit. I did with another company I'm in which skyrocketed, got back 250% of my original capital and still hold a decent parcel.

In my own experience this was to mitigate against some reasonable future uncertainty. Psychologically this means I don;t really care what happens to the parcel I still hold and plan to sit on long term.

From a RAC perspective, if this is what people are doing (I'm not incidentally) this is no bad thing. It means we have risk free holders who are disinclined to sell what they have they have left, and newer holders who are part of an increasingly tightly held company.

As @drainer alluded to earlier, there is no selling pressure for any of those holders at this stage, and good announcements will make them even more secure if the price continues incrementally upward.