Since I've been a bit cynical in my last few posts about the Bitbay IPO, in the name of even handedness I thought I'd better post this observation I just made.

For those who are not market analysts fanatics, what this means fundamentally is that the IPO hasn't been sold - contrary to what the price might indicate. Tiny parts of the Bitbay money supply are being traded while the bulk is being held. It's possible that a tiny chunk of the Bitbay money supply is being frantically traded between nervous initial investors and/or clever traders and/or late investors. But as far as I can see the current price does not reflect the sentiment of the large body of holders of the Bitbay money supply based on the miniscule volume that has driven the price down.

I was quite surprised to see this metric because the price and the sentiment on the thread reflected a general dissatisfaction with the way the IPO had been conducted. In my own opinion, the IPO was overvalued on Marketcap by about 50%. But based on the volume analysis of the price decline it doesn't appear that a large part of the coin supply has changed hands.

Either this is because only a tiny amount of the coin supply is in 3rd party hands in the first place (i.e. most of it is still in the hands of the original issuers) or simply that most holders are still holding.

As a previous poster pointed out, we cannot possibly know which is the case because we do not know how much of the coin supply is still in the hands of the issuers and we probably never will.