Jan. 14 at 12:14 AM
$CNVS No magic here, just volume, structure and flows.
On the 4H chart there are two clear volume spikes (~800k shares each) in August and September, both occurring above the 2.1M
$3.X warrants' exercise price. That’s roughly ~1.6M shares distributed into liquidity.
During the same period, short interest has consistently been around ~500k shares, far smaller than the distributed volume, which means shorts cannot be the primary source of selling.
The clean read is:
The ~1.6M shares came from distribution / warrant-related selling above
$3.X
The ~500k short interest represents residual hedging or position maintenance, acting as a cap while the market digests that supply
This explains the full sequence:
distribution above
$3.X → volume dries up → slow grind lower.
No mystery, no conspiracy...just flows. All the rest is convenient noise.
