Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data
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| Author       | Source       | 
| :-------------: |:-------------:|
|  [u/nayboyer2](https://www.reddit.com/user/nayboyer2/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/myf505/probably_the_last_dd_youll_ever_need_to_read_the/) | 

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[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)

I know that collectively, we are anti-conspiracy right now, but as a simple ape, I just liked the way it rhymed.

What I'm presenting is 100% based on the publicly available published FINRA OTC data. The way FINRA presents their data makes it really difficult to spot anomalies and trends, so I decided to compile it into an Excel spreadsheet. The trends are clear. The data is revealing. And the Hedgies have some serious wedgies.

The data is pretty dense. I will try to give an overview of the "what" and the "when" and then cover the "who". My brain is too smooth to understand the "how" and the "why", so I'm hoping that this DD and the supporting data can help other apes unravel the full story.

If you haven't read my previous posts, I'll link them here so you can catch up.

[FINRA ADF is not in operation (4/20)](https://www.reddit.com/r/Superstonk/comments/muzj4o/finra_webmaster_no_brokerdealers_currently_using/)

[Missing GME Bananas (4/21)](https://www.reddit.com/r/Superstonk/comments/mvfs0c/over_30_of_gme_bananas_are_missing_from_bloomberg/)

[An Update on the Missing Bananas (4/23)](https://www.reddit.com/r/Superstonk/comments/mx4j9p/dark_pool_dd_summary_and_a_quick_update_on_all/)

It's pretty easy to track my train of thought. And the fact that I was able to put this together in less than a week really makes me question what's going on with regulators behind the scenes...

To summarize - like many of my fellow apes, I was trying to understand this FINRA ADF nonsense and why a majority of daily volume was being routed there. All that buying pressure had almost no effect on increasing the price.

Then, I noticed that the calculated volume didn't add up to the daily trading volume on Bloomberg Terminals. There were missing bananas, and I wanted to find them.

After a few adjustments to the search criteria, I was able to see that the bananas weren't necessarily missing, but were not going through any of the exchanges. Over 90% of trades from 4/13 - 4/20 were being routed through FINRA ADF or some unknown dark pools (OTC). That really pissed me off...

So this weekend, I did some digging on the [OTC website](https://otctransparency.finra.org/otctransparency/OtcIssueData).

[u/broccaaa](https://www.reddit.com/u/broccaaa/)'s DD on [FTDs and Dark Pools](https://www.reddit.com/r/Superstonk/comments/mvdgf5/the_naked_shorting_scam_in_numbers_ai_detection/) really helped me to understand that something weird was going on and has been going on for several months. I still don't understand the majority of what he covers, but the Dark Pool part seemed to click.

[u/plants69](https://www.reddit.com/u/plants69/) also had a DD [The Most Manipulated Stock - GME](https://www.reddit.com/r/Superstonk/comments/mx25li/the_most_manipulated_stock_a_gme_comprehensive_dd/) which I saw just before starting to write this one. She does a great job digging into the "How" (with married puts and FTDs). She also does a deep dive into the ATS data, which I will only present in passing. Check out her DD!

Here goes nothing...

We'll start really general and then go into more detail.

Table 1: Monthly GME OTC activity

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/i0g0lwzqn7v61.png?width=646&format=png&auto=webp&s=082937abecd048f0d5f3fa6f2a74b1e3c8de7d0f)](https://preview.redd.it/i0g0lwzqn7v61.png?width=646&format=png&auto=webp&s=082937abecd048f0d5f3fa6f2a74b1e3c8de7d0f)

Monthly GME OTC Activity from September 2020 - February 2021

Not too difficult to spot the trend in this one. The number of shares that were traded OTC increased 4.75x from December 2020 to January 2021.

The number of OTC trades increased 13.75x from December 2020 to January 2021.

The number of OTC trades increased 18.42x from December 2020 to February 2021.

The average size of the trade also has progressively decreased every month, from over 400 shares/trade in September to 39 shares/trade in February.

And just look at the number of shares that were traded OTC. Over 525 million shares traded in January, and over 300 million in February. To put that in perspective, let's remind ourselves that the GME float is somewhere around 26.7 million (and quite possibly less).

Here's the Weekly GME OTC data from September 28, 2020 through March 26, 2021.

Table 2: Weekly GME OTC activity

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/wykvn3s3hpv61.png?width=654&format=png&auto=webp&s=575eb274fa0f91e71dedfe68fec5a9e16499994f)](https://preview.redd.it/wykvn3s3hpv61.png?width=654&format=png&auto=webp&s=575eb274fa0f91e71dedfe68fec5a9e16499994f)

Sure seems like the GME OTC data has rapidly evolved since January

Figure 1: Total Weekly GME Shares Traded OTC

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/z5pnxsw62lv61.png?width=699&format=png&auto=webp&s=23269c630501e3d918142e335a734ef5cfd773bf)](https://preview.redd.it/z5pnxsw62lv61.png?width=699&format=png&auto=webp&s=23269c630501e3d918142e335a734ef5cfd773bf)

Things really seemed to change in January

Figure 2: Total Weekly Trades Made OTC

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/7hse2v9m2lv61.png?width=901&format=png&auto=webp&s=58774fa1d32d2f17860552cd70896e7e131f005b)](https://preview.redd.it/7hse2v9m2lv61.png?width=901&format=png&auto=webp&s=58774fa1d32d2f17860552cd70896e7e131f005b)

Look how those weekly OTC trades increased

Figure 3: Average Shares/Trade OTC

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/3j8upgj03lv61.png?width=824&format=png&auto=webp&s=97ba3ab0cba9e4669aad8dc78ea506a2a4b65c06)](https://preview.redd.it/3j8upgj03lv61.png?width=824&format=png&auto=webp&s=97ba3ab0cba9e4669aad8dc78ea506a2a4b65c06)

The number of shares/trade markedly decreased during the week of 1/25 and has remained less than 50 shares/trade since 2/22

So back in late September, October, November, December, and even mid-January, the average shares/trade in the OTC market was between 218 and 393 shares/trade.

The number of OTC trades for the 15 weeks leading up to January 11th was between 31,712 and 132,438, with one outlier being the week of 10/5/20. The week of 10/5 had 81.49 million in OTC volume and 209,031 trades, but still an average of 389.86 shares/trade.

During the week of January 11th, almost 157 million shares were traded OTC and the number of OTC trades increased almost 3x that previous outlier, to 588,136 trades.

During the week of January 19th, over 170 million shares were traded OTC. A new record 849,733 trades were made OTC (4x the 10/5 outlier) and the average number of shares/trade dropped to a new low of 200.1 shares/trade.

During the week of January 25th, over 184 million shares were traded OTC in 4.276 million trades (20.45x the 10/5 outlier) for an average of 43.11 shares/trade.

So things got weird in January. Let's take a closer look at that data as a whole.

Table 3: January GME OTC data by sorted by Trades

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/tkz5p60sacv61.png?width=704&format=png&auto=webp&s=165783cafa51fc36056b331f8ba747874550e2dd)](https://preview.redd.it/tkz5p60sacv61.png?width=704&format=png&auto=webp&s=165783cafa51fc36056b331f8ba747874550e2dd)

January 2021 GME OTC data sorted by number of Trades

So this shows us the major players in January. Citadel, Virtu, G1 Execution, Jane Street, and Two Sigma traded the most number of shares OTC. You can sort by Shares or Trades, and I'm going to be consistent and sort by trades, because I think it's telling to see who was most active.

National Financial Services (Fidelity???) and Stockpile Investments were outliers in terms of shares/trade. Looks like some high frequency trading (HFT) if you ask me. NFS first began trading GME OTC during the week of 1/11/2021 (never previously active from September - December). Stockpile first begin trading OTC during the week of 1/25. I'll leave it there for now.

So Citadel traded over 252 million GME shares in the OTC market in January. They were busy. Based off their 13F filing, how many GME shares did they actually own again? 217,132 shares. In January, they traded over 1161 GME shares for every 1 share that they own.

What about Virtu Americas? They were really active on the OTC market in January too, trading over 136 million GME shares. As of 12/11/20, they owned exactly 0 GME shares. Luckily for them, they purchased 36,450 as of the 12/31 13F filing. In January, they traded over 3751 GME shares for every 1 share that they own.

From what I understand, G1 Execution Services is basically Susquehanna. They decreased their number of GME shares from 4.444 million to 2.487 million per their 12/31 13F. In January, they traded 30.7 GME shares for every 1 GME share that they own. According to the recent GME proxy, they now own 4.409 million GME shares, but likely acquired these sometime after January.

Two Sigma went from 0 GME shares on 11/16/20 to 81,448 GME shares on 12/31. They've been making smaller and smaller shares/trade for a little while now, with an average of 27.54 shares/trade in January.

Let's zoom out one more time before looking at each of these players individually.

Table 4: GME Weekly Volume and % Weekly Volume traded Off-Exchange

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/5zjj5zvnflv61.png?width=1104&format=png&auto=webp&s=8c358403526c85c962d5d26e8b8f8ebad058072a)](https://preview.redd.it/5zjj5zvnflv61.png?width=1104&format=png&auto=webp&s=8c358403526c85c962d5d26e8b8f8ebad058072a)

Take a look at % of GME Float Traded and % of Float Traded Off Exchange

Figure 4: Weekly % of Float Traded and % of Float Traded Off Exchange

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/6xdi8ztiglv61.png?width=1018&format=png&auto=webp&s=aa7d875a2bb5a5bbca6d2bad7fc987655ec5ecd7)](https://preview.redd.it/6xdi8ztiglv61.png?width=1018&format=png&auto=webp&s=aa7d875a2bb5a5bbca6d2bad7fc987655ec5ecd7)

These are percentages...

Let me preface this by saying that I was extremely conservative and used the 26.7 million number as the GME float for all calculations. If the GME float is less 26.7 million, these percentages will actually increase accordingly. I took the weekly volume and compared it to the OTC volume and ATS volume. I added the OTC and ATS to determine how much of the weekly volume was traded off exchange. These numbers were fairly consistent, with between 39.88 and 58.39% of weekly volume trading off exchange in the OTC or ATS pools. However, the most recent data available shows a huge jump during the week of 3/15, with 68.58% of volume trading off exchange. These seem to be in line with my calculations from my previous post ([An Update on the Missing GME Bananas](https://www.reddit.com/r/Superstonk/comments/mx4j9p/dark_pool_dd_summary_and_a_quick_update_on_all/)), which showed over 70% of daily GME volume was being traded via FINRA ADF (dark pool), or possibly OTC from 4/13 - 4/20. FINRA won't publish that data for another 4 weeks, but I don't think we even need it anymore. What's missing from the daily totals is traded OTC or ATS. And that percentage is only increasing with less and less weekly volume.

For the next column, I took the weekly volume and divided by 26.7 million to get the percent of GME float that was traded each week. Over 1000% of the GME float was traded during the weeks of 1/11, 1/19, 1/25, 2/1, and 2/22. During the week of 1/25, the percent of GME float traded was over 2000%!

But how much of the GME float was traded off exchange? Well, you see some pretty high numbers during October with over 340% of the float traded off exchange during the week of 10/5 and over 200% of the GME float traded off exchange during the week of 10/12. There are a few weeks when the percentage of float traded off exchange was over 100% (11/30, 12/7, and 12/21). Then comes January...

During the week of 1/11, over 671% of the GME float was traded off exchange.

During the week of 1/19, over 746% of the GME float was traded off exchange.

During the week of 1/25, over 855% of the GME float was traded off exchange.

During the week of 2/1, over 478% of the GME float was traded off exchange.

And during the week of 2/22, over 526% of the GME float was traded off exchange.

That's one way to suppress buying pressure...

Let's move on to February

Table 5: February OTC by Number of Trades

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/ephwq6norcv61.png?width=698&format=png&auto=webp&s=27f7e48ae45b30d4afd2b228ca98a5ac7948e832)](https://preview.redd.it/ephwq6norcv61.png?width=698&format=png&auto=webp&s=27f7e48ae45b30d4afd2b228ca98a5ac7948e832)

Look who decided to join the fray...

As we saw in Table 1, the average number of shares/trade decreased from 90.1 to 39.0. And look who decided to join in on the OTC frenzy - Vlad the Impaler and Robinhood.

Fortunately for us, this is the first time they took part in the OTC.

They made 772,023 trades with only 774,632 shares for an average of 1.00 shares/trade. That's some high frequency trading if I've ever seen it. Was it coordinated in a way to crush the price after the January peak?

I still don't know what to think about National Financial Services (Fidelity?), but the data doesn't lie.

Rather than commenting on each player here, I'm going to group them together to see what really happened on a weekly basis.

The Kingpins - Citadel and Virtu

Table 6: Citadel and Virtu Weekly OTC trades

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/v9w1h5abjlv61.png?width=1108&format=png&auto=webp&s=9b3cc7715bc0b02c76d8bb2d69aa7bbad063108c)](https://preview.redd.it/v9w1h5abjlv61.png?width=1108&format=png&auto=webp&s=9b3cc7715bc0b02c76d8bb2d69aa7bbad063108c)

Look at the number of OTC trades and the change in shares/trade since January

Figure 5: Virtu and Citadel Weekly OTC Trades

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/o2p3881ujlv61.png?width=1003&format=png&auto=webp&s=cdb91565a8f25540fcb7c0c3b53d48390bbc6877)](https://preview.redd.it/o2p3881ujlv61.png?width=1003&format=png&auto=webp&s=cdb91565a8f25540fcb7c0c3b53d48390bbc6877)

Things really picked up in the OTC in January for these two

Figure 6: Virtu and Citadel Average GME Shares/Trade OTC

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/vi0hrrj8klv61.png?width=990&format=png&auto=webp&s=c087c72ae357d833e0bf9337b0fd2e0dbef09949)](https://preview.redd.it/vi0hrrj8klv61.png?width=990&format=png&auto=webp&s=c087c72ae357d833e0bf9337b0fd2e0dbef09949)

The number of shares/trade really dropped off since January 25th...

So these are the two biggest players when it comes to the GME OTC marketplace. Both have been trading a massive number of GME shares and making a massive number of trades since late September.

However, beginning 1/25, both began making much smaller trades. The number of shares per trade decreased from around 300-400 shares/trade to less than 90 shares/trade. The number of trades increased from tens of thousands to hundreds of thousands (and even millions).

For Shitadel, 7 out of the previous 9 weeks (77.7%) resulted in shares/trade under 60.

They made over 1.98 million OTC trades during the week of 1/25 and over 1.496 million OTC trades during the week of 2/1.

Prior to January, their previous high for number of trades was 75,652 (10/5).

And a quick reminder, Shitadel, as of 12/31, owned only 217,132 GME shares.

For Virtu, 7 out of the previous 9 weeks (77.7%) resulted in shares/trade under 75.

They made over 1.2 million OTC trades during the week of 1/25.

Prior to January, their previous high was 67,595 trades (10/5) and a majority of the weeks totaled between 10,000 and 40,000 OTC trades.

Again, a quick reminder that Virtu owned 0 GME shares on 12/11/20, and 36,450 as of the 12/31.

There are certainly a lot of similarities between these 2 kingpins and that's why I grouped them together. As for coordination???

The Middle Men? - G1 Execution and Two Sigma

Table 7: Two Sigma and G1 Execution Weekly OTC trades

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/j0u153wullv61.png?width=1107&format=png&auto=webp&s=b54ba602c3dbd9140f323b9e9cb0c1b54c62121e)](https://preview.redd.it/j0u153wullv61.png?width=1107&format=png&auto=webp&s=b54ba602c3dbd9140f323b9e9cb0c1b54c62121e)

Again, look at the change in trades and shares/trade since January

Figure 7: G1 Execution and Two Sigma Weekly OTC Trades

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/l3ehl6tamlv61.png?width=1103&format=png&auto=webp&s=2af8b90147828f7aed345c75a0ebe02801797064)](https://preview.redd.it/l3ehl6tamlv61.png?width=1103&format=png&auto=webp&s=2af8b90147828f7aed345c75a0ebe02801797064)

Things really picked up in January for them too...

I won't belabor the point, but look at the change in shares/trade (Table 7) beginning 1/25. Look at the increase in number of shares and number of trades.

For Two Sigma, the number of shares/trade after 1/25 was never higher than 30.

As a reminder, Two Sigma went from 0 GME shares on 11/16/20 to 81,448 GME shares on 12/31.

For G1, the number of shares/trade after 1/25 was never higher than 60. If G1 Execution Services = Susquehanna, then they have over 4.409 million shares.

High Frequency Parasites? Robinhood and National Financial Services (NFS)

Table 8: Robinhood and NFS Weekly OTC Trading

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/abbebcv9plv61.png?width=1220&format=png&auto=webp&s=5d73659527eae93ea670716da31994e078a90c0b)](https://preview.redd.it/abbebcv9plv61.png?width=1220&format=png&auto=webp&s=5d73659527eae93ea670716da31994e078a90c0b)

I don't know how else to interpret this other than massive High Frequency Trading by Robinhood

Robinhood (unfortunately) entered the fray during the week of 2/8. They have progressively increased their trading activity.

During the week of 2/22, they made 755,424 trades with 757,954 of our GME shares. They might have been desperately trying to fend off our rapid ascent on 2/24. The activity slowed during the week of 3/1, before ramping up during the week of 3/8. Is that significant? Well if we look back to 3/10, we had that massive drop from 348 to 172 in a matter of minutes. So you tell me...

This one sort of confuses me as a Fidelity customer. National Financial Services first entered the OTC marketplace during the week of 1/11. There was a jump in the number of trades during the weeks of 1/25 and 2/1, but the average number of shares/trade remained between 1.02 and 1.00. There was also an increase in OTC trades during the week of 2/22 and 3/8.

Table 9: Week of 3/8/2021 by Number of OTC Trades

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/f40ou0486dv61.png?width=701&format=png&auto=webp&s=3c400821487c5bed79ee91554d3e464077965763)](https://preview.redd.it/f40ou0486dv61.png?width=701&format=png&auto=webp&s=3c400821487c5bed79ee91554d3e464077965763)

Look at the top trader of the week...

During the week when the GME price suddenly dropped from 348 to 172 in a matter of minutes, Robinhood was the top OTC trader and had exactly 1.00 shares/trade...

Table 10: Week of 3/15/2021 by Number of OTC Trades

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/27lgobdpbev61.png?width=638&format=png&auto=webp&s=8ad7d3cf8f164bbdf0ecbe24d375e391e528cc49)](https://preview.redd.it/27lgobdpbev61.png?width=638&format=png&auto=webp&s=8ad7d3cf8f164bbdf0ecbe24d375e391e528cc49)

Robinhood was busy again during the week of 3/15

Robinhood stepped up again with some serious high frequency OTC trading. Did anything happen that week? Oh yeah, the GME price experienced a huge drop from 280 to 210 on 3/15 and then to around 172 on 3/16. They didn't switch things up at all from their previous attacks. 297,276 shares traded 297,194 times for an average of 1.00 shares/trade.

Table 11: Week of 3/22/2021 by Number of OTC Trades

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/p285ecibolv61.png?width=703&format=png&auto=webp&s=0e42e4ccc8c955e2cbbbdcb4f46360bd2efc8b19)](https://preview.redd.it/p285ecibolv61.png?width=703&format=png&auto=webp&s=0e42e4ccc8c955e2cbbbdcb4f46360bd2efc8b19)

Back at it like a bad habit...

And just in case you had any lingering doubts, the data from 3/22 shows us more of the same high frequency OTC trading from Robinhood. 267,095 shares traded 266,981 times for an average of 1.00 shares/trade.

Since Robinhood entered the OTC marketplace on the week of 2/8/2021, they have made 2.357 million trades with 2.362 million shares, for an average of exactly 1.00 shares/trade. Thanks Robinhood! They are really staying true to their mission of "democratizing finance for all".

And just so we don't completely neglect the ATS dark pools

Table 11: Weekly ATS Data

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/wtgo6y5f4lv61.png?width=600&format=png&auto=webp&s=ec6028d96f13be82c6b93c7e48d6d0f38c2aa9ef)](https://preview.redd.it/wtgo6y5f4lv61.png?width=600&format=png&auto=webp&s=ec6028d96f13be82c6b93c7e48d6d0f38c2aa9ef)

GME Weekly ATS Data showing decreased shares/trade since week of January 25th

Figure 9: Weekly Number of Trades on ATS

[![r/Superstonk - Probably the last DD you'll ever need to read... The OTC Conspiracy - Shining Some Light into the Dark Pool data](https://preview.redd.it/h11m5jk24lv61.png?width=928&format=png&auto=webp&s=75edbcf20d9621e12254fa00ed87530610b7960c)](https://preview.redd.it/h11m5jk24lv61.png?width=928&format=png&auto=webp&s=75edbcf20d9621e12254fa00ed87530610b7960c)

Similar trends in ATS dark pools, starting in January

List of Unanswered Questions:

Was there any significance to the high level of OTC trading during the week of 10/5?

How do all the pieces fit together?

Why did National Financial Services (Fidelity?) join the OTC fray in January?

Was the increase in high frequency OTC trading from Robinhood during the week of 3/8 in any way related to the massive drop in GME price on 3/10? What about 3/15 and 3/16?

What in the actual hell is going on behind the scenes to allow this kind of OTC trading to continue, undisturbed, for almost 3 months?

Who might be willing to do something with this data?

I'll continue to update this list.

As for me - my shares aren't for sale. Seeing the desperate behind-the-scenes OTC shenanigans over the last 3 months only raises the floor. And I really like the stock.

TLDR: Here is a different way to look at the OTC GME data. It should be abundantly clear that what is going on in the OTC dark pools is extremely abnormal. Citadel and Virtu market makers seem to be doing a whole lot of OTC trading. How did they get hundreds of millions of shares? What about Two Sigma? Why are the same entities trading so much volume so frequently in the OTC marketplace? Why did the number of shares / trade decrease so drastically beginning 1/25? Winter is coming. Are any of them wearing any clothes???

Edit 1: removed sentence about 13Fs being due on 5/17

Edit 2: added the Weekly 3/15 Data to show that Robinhood was highly active again at a time when GME experienced a huge price drop (see Table 10). Thanks [u/RecoveryChadX7R](https://www.reddit.com/u/RecoveryChadX7R/) !

Edit 3: Also, take a look at the DD posted by [u/Doom_Douche](https://www.reddit.com/u/Doom_Douche/) - [A Deep Dive into Dark Pool Trading](https://www.reddit.com/r/Superstonk/comments/mv5kbm/deep_dive_into_dark_pool_trading_how_they_might/) - which shows the difference between OTC trading for GME vs other stocks. And just note that his data used a GME float of 54.1 million rather than the 26.7 million (or less) that we can now deduce from the updated GME proxy, so the difference is even more pronounced.

Edit 4: Added some Charts (Figures 1-9) .

Edit 5: Updated Tables and Figures with 3/22 weekly data
