ORBS (formerly OCTO) disclosed this morning that they took $200M in credit on Sunday. I believe they’ve largely executed this and were responsible for much of the recent violent price action.
Premarket volumes are notably weak, and I expect ~$5–7M of ATM issuance per day. Given the new data and Worldcoin still trading close to the highs, I’ve fully exited my position and will reevaluate.
Worldcoin up 40% now in an explosive fashion.
OCTO volumes trending down hard, 84% lower on day 2 & expect another 60% lower today. Think the cash buy is mostly priced now (WLD up ~100%) and ATM outlook has worsened, so I've reduced my position around these prices.
On the other hand, the deal officially closed this morning and cash buying likely starts today. Still believe this trades higher in the coming weeks.
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