The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)
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| Author       | Source       | 
| :-------------: |:-------------:|
|  [u/nayboyer2](https://www.reddit.com/user/nayboyer2/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/n5q76p/the_otc_conspiracy_part_2_shining_some_light_into/) | 

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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'll try to make this post short and sweet!

Please refer to my previous post ([The OTC Conspiracy](https://www.reddit.com/r/Superstonk/comments/myf505/probably_the_last_dd_youll_ever_need_to_read_the/)), which I updated with some charts and will continue to update with weekly data as it becomes available from the [FINRA OTC website](https://otctransparency.finra.org/otctransparency/OtcIssueData).

For this DD, I took a look at the monthly OTC data for GME vs 33 other "popular" stocks. I chose the stocks more or less at random based on Boomer-ism, personal interest, or stock price. I'd be happy to include some additional ticker requests in the next update.

Let's start with the monthly OTC trading data for GME.

Table 1: GME Monthly OTC Data

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/xagcvi1urcx61.png?width=699&format=png&auto=webp&s=59d24224edd893bff98bad42082bd42c5a2d5558)](https://preview.redd.it/xagcvi1urcx61.png?width=699&format=png&auto=webp&s=59d24224edd893bff98bad42082bd42c5a2d5558)

A major increase in number of OTC trades and a major decrease in average shares/trade

For all those visual apes:

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/ujdumvoc4cx61.png?width=699&format=png&auto=webp&s=d7a663e9f9cf1b3ea761329518d136bcf16fe310)](https://preview.redd.it/ujdumvoc4cx61.png?width=699&format=png&auto=webp&s=d7a663e9f9cf1b3ea761329518d136bcf16fe310)

Increasing number of OTC trades

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/drp10zbl4cx61.png?width=745&format=png&auto=webp&s=e46a18e14bc7d8bbd21a854a493fd725193abf61)](https://preview.redd.it/drp10zbl4cx61.png?width=745&format=png&auto=webp&s=e46a18e14bc7d8bbd21a854a493fd725193abf61)

GME OTC trades are getting smaller and smaller

That's interesting. So an increasing number of smaller trades (aka high frequency trading). I wonder how these metrics compare to other stocks...

Let's start from the beginning.

December 2020

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/bbhpm3g6acx61.png?width=1216&format=png&auto=webp&s=d1245f7fcb0247a1788844ce5271edcd4f2ab439)](https://preview.redd.it/bbhpm3g6acx61.png?width=1216&format=png&auto=webp&s=d1245f7fcb0247a1788844ce5271edcd4f2ab439)

GME with less than 500,000 OTC trades in December 2020

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/jcxj1y4bdcx61.png?width=1213&format=png&auto=webp&s=8efc3fcdb1516ed73d5a2a54e98110ce260ec121)](https://preview.redd.it/jcxj1y4bdcx61.png?width=1213&format=png&auto=webp&s=8efc3fcdb1516ed73d5a2a54e98110ce260ec121)

The number of shares/trade looks fairly typical compared to the rest

What about % of Float traded OTC in December?

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/o14u19bodcx61.png?width=1221&format=png&auto=webp&s=f1e655efcb99f04c3a0fa009569a129ce5e05784)](https://preview.redd.it/o14u19bodcx61.png?width=1221&format=png&auto=webp&s=f1e655efcb99f04c3a0fa009569a129ce5e05784)

Over 410% of the GME float traded OTC in December

January 2021

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/f2d2sw13icx61.png?width=1226&format=png&auto=webp&s=f9051eeb10975dfa383b6c8ef7419403febd8fe9)](https://preview.redd.it/f2d2sw13icx61.png?width=1226&format=png&auto=webp&s=f9051eeb10975dfa383b6c8ef7419403febd8fe9)

GME OTC trades markedly increased (13.75x) from December (420,166) to January (5,777,645). Only AMC, Tesla, and Apple had more OTC trades in January.

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/xf2d72pficx61.png?width=1222&format=png&auto=webp&s=f31d78b3565be94f030df9302594a14c7c00a2a4)](https://preview.redd.it/xf2d72pficx61.png?width=1222&format=png&auto=webp&s=f31d78b3565be94f030df9302594a14c7c00a2a4)

A substantial decrease in shares/trade, from 263 in December to 90 in January

What about % of Float traded OTC in January?

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/yj200ux2jcx61.png?width=1220&format=png&auto=webp&s=6e990d1f76814a3fcdb24b541a6c0f1573d47eb9)](https://preview.redd.it/yj200ux2jcx61.png?width=1220&format=png&auto=webp&s=6e990d1f76814a3fcdb24b541a6c0f1573d47eb9)

Little bit of an outlier, with almost 2000% of the GME float traded OTC in January

February 2021

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/1hjg1qdjjcx61.png?width=1228&format=png&auto=webp&s=04f55c207cb04d50f10dbedc8c2c4a9cdc9afb6f)](https://preview.redd.it/1hjg1qdjjcx61.png?width=1228&format=png&auto=webp&s=04f55c207cb04d50f10dbedc8c2c4a9cdc9afb6f)

Another increase in the number of trades made OTC. Only AMC had more.

Only AMC had more OTC trades than GME in February 2021.

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/nvxw191ujcx61.png?width=1226&format=png&auto=webp&s=8790195664be905be35aae0879e3d1c298b9f3d4)](https://preview.redd.it/nvxw191ujcx61.png?width=1226&format=png&auto=webp&s=8790195664be905be35aae0879e3d1c298b9f3d4)

Further decrease in the number of shares/trade, from 90 in January to 39 in February

Only Tesla (36.42) and Sony (37.9) had lower shares/trade than GME (39.0) in the OTC marketplace in February.

What about % of Float traded OTC in February?

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/6jov1s60lcx61.png?width=1222&format=png&auto=webp&s=2426aa735011c5b88468fe183085bfcf46686d52)](https://preview.redd.it/6jov1s60lcx61.png?width=1222&format=png&auto=webp&s=2426aa735011c5b88468fe183085bfcf46686d52)

Still an outlier, with over 1130% of the GME float traded OTC

March 2021

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/8c9zmwp5mcx61.png?width=1219&format=png&auto=webp&s=d65aa084618085a2679daf917037b2576b812c5c)](https://preview.redd.it/8c9zmwp5mcx61.png?width=1219&format=png&auto=webp&s=d65aa084618085a2679daf917037b2576b812c5c)

Only Tesla (7.89 million) had more OTC trades than GME (7.67 million) in March

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/yoj8b8zmmcx61.png?width=1226&format=png&auto=webp&s=c71a4f150235664a0a10230fb2ad707edc69ce4b)](https://preview.redd.it/yoj8b8zmmcx61.png?width=1226&format=png&auto=webp&s=c71a4f150235664a0a10230fb2ad707edc69ce4b)

GME (32.87) had the lowest shares/trade of any stock in March

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/xd2zzngvmcx61.png?width=1228&format=png&auto=webp&s=3c6fc76c80238e6369e2f4893d07793b50943698)](https://preview.redd.it/xd2zzngvmcx61.png?width=1228&format=png&auto=webp&s=3c6fc76c80238e6369e2f4893d07793b50943698)

Only SLGG (1724%) had higher % of Float traded OTC than GME (944%)

Let's add January, February, and March OTC Trades to get Q1 2021 Total

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/pwzab4i0hdx61.png?width=1418&format=png&auto=webp&s=efc9c757565f4a77849514d54b56defc9411dba8)](https://preview.redd.it/pwzab4i0hdx61.png?width=1418&format=png&auto=webp&s=efc9c757565f4a77849514d54b56defc9411dba8)

Only AMC (24.2 million) had more OTC trades than GME (21.2 million) in 2021

And what was the % of Float traded OTC in Q1?

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/qy7rbq5d3ex61.png?width=1198&format=png&auto=webp&s=69ca8be113ca4b1431444886e81c9a2edd1c75b1)](https://preview.redd.it/qy7rbq5d3ex61.png?width=1198&format=png&auto=webp&s=69ca8be113ca4b1431444886e81c9a2edd1c75b1)

Over 4000% of the GME float was traded OTC in Q1. SLGG and AMC were also over 1000%

Table 2:

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/eo9r16vsscx61.png?width=790&format=png&auto=webp&s=6efa5a0028fab5c2c0d7a4a2a113f60657e478c7)](https://preview.redd.it/eo9r16vsscx61.png?width=790&format=png&auto=webp&s=6efa5a0028fab5c2c0d7a4a2a113f60657e478c7)

Putting it all together

Conclusions

Please take a look at my previous post ([The OTC Conspiracy](https://www.reddit.com/r/Superstonk/comments/myf505/probably_the_last_dd_youll_ever_need_to_read_the/)) for a more in-depth dive into the weekly OTC data. It also includes a breakdown of the major players in the OTC marketplace. I will continue to update that post as data is released.

The purpose of this post was to compare the OTC trading of GME vs some other "popular" stocks.

-   The number of monthly GME OTC trades increased over 28x from September 2020 to March 2021.

-   The average shares/trade has decreased every month, from over 400 shares/trade in September to 32 shares/trade in March.

-   Only GME, Tesla, and Sony averaged less than 40 shares/trade in a month. GME has done it twice - each of the last two months.

-   The 32.87 shares/trade average in March was the lowest for any stock across any month.

-   The % of GME float traded OTC has been over 260% every month since September 2020 and increased to almost 2000% in January 2021.

-   In February, another 1131% of the GME float was traded in OTC, followed by 944% in March.

-   The % of float traded OTC is much higher for GME than any of the other stocks that were evaluated. The only exception was SLGG (1724% in March). Shout out to the sluggs!

-   Besides GME (and SLGG in March), only AMC had more than 100% of float traded OTC in any month.

-   If we look at Q1 data, over 4043% of the GME float was traded OTC in Q1 alone.

-   In Q1, only AMC (24.2 million) had more OTC trades than GME (21.2 million).

-   SLGG (1883%) and AMC (1195%) are the only other stocks with over 220% of their floats traded OTC.

-   Including SLGG and AMC, only 6 of the 33 stocks traded over 100% of their floats OTC during Q1.

-   22 of the 33 had less than 40% of their floats traded OTC during Q1.

-   19 of the 33 had less than 20% of their floats traded OTC during Q1.

Bananas for Thought

How did those sneaky Market Makers trade over 4000% of the GME float on just the OTC marketplace during Q1?

What about those diehard, diamond-handed apes who have been holding bananas since 2020?

Why have we seen a progressive decrease in GME volume every month?

-   1.26 billion in January

-   827.56 million in February

-   679.79 million in March

-   172.43 million in April

-   Record lows in May...

Is the banana factory broken? Are all of the bananas finally drying up?

Where did they come up with the 172.43 million additional shares that were traded in April?

What about those April options contracts? Tick tock...

How many bananas did they "produce" in their factory?

And how many bananas are they now going to have to buy back???!!!

OoOoOoOoOo I think they naked...

TLDR: Buy, HODL, Vote --> tendies!!! (not financial advice)

Appendix

OTC Data January - March 2021 (December didn't really fit)

[![r/Superstonk - The OTC Conspiracy (Part 2) - Shining Some Light into the Dark Pool data (March Update)](https://preview.redd.it/7jistucubex61.png?width=1520&format=png&auto=webp&s=9633d6381bc5171307004bbb844f3bb628d9f993)](https://preview.redd.it/7jistucubex61.png?width=1520&format=png&auto=webp&s=9633d6381bc5171307004bbb844f3bb628d9f993)

Edit 1: Added January, February, and March to get Q1 2021 Data

Edit 2: Added Bananas for Thought
