Well, the outcome is fairly clear. That's why the order book is so thin in that area.
All you see now is speculators trying to outspeculate each other. Or .
Conspiracy theory: The trades are making massive bitcoins for the multi-username coordinated bot that is fleecing the regular folks who are dropping bitcoins out of the trees right now, still at low price compared to market.
That coordinated bot is stacking the order book and running weird buys. The sellers are regular folks giving up their bitcoins. This is an attack on the exchange, but somehow isn't being stopped by gox or authorities... one guess who the conspiracy theory points to as attacker.