It may well be instos - assuming there are any left on the register.
IMHO it's more likely they used today's vague update to sell for a little more than could have been, leaving enthusiastic retailers to foot the bill. Something similar happened on August 7th when an outstanding volume spike was accompanied by a candle with a long upper wick - and that was followed by more selling. These patterns can be observed time and time again.
For anyone interested, I have left - and marked - the official trading figures in the chart above. Unless the ASX is lying and no longer shows Ch-X trades, 120M volume is nowhere to be found.
PS: today's vwap was 1c, meaning sellers who received 1.1 and 1.2 got the better deal. as did buyers at 0.9c and less. Chances are, quite a number of day traders belonged to both groups.
IOT Price at posting:
0.9¢ Sentiment: None Disclosure: Not Held