I think it could go two ways - as people have not paid for them,...

I think it could go two ways - as people have not paid for them, they look at them as a quick bonus, so some may be happy to sell out.

The most likely I think however is that, whilst they have not been specifically paid for, the shares bought recently are already in the money and the options are a long term bonus that they can hold on to basically for free.

So - maybe some small holder sell downs of options if the price gets to the right level?

Cheers