Yes, "clout" is probably required, but there a many sorts of...

Yes, "clout" is probably required, but there a many sorts of entities - others than institutional investors that have "clout"... might it not be one, or several, of them?

But at the same time someone with "clout" was doing the selling... more clout, in fact, than they buying clout given the share price went down

So, I'm just confused why the default conclusion is that elevated traded volumes necessarily means institutional investors buying, when - if volume is the criterion for institutional activity - it must mean institutional investor selling too.