"...traders playing out the opportunities of the warrants..."

I haven't seen much evidence of trading type activity. There haven't been that many individual trades, probably less than 10 per day. Volume so far has been a total of about 1% of the warrant float, but I suspect a good chunk of that is those who prefer shares to warrants, getting rid of the warrants acquired with the recent units. That often happens on new issues.

I suspect most warrant holders are in it for the long term. So I would expect volume to decrease from current levels.

What often happens after a warrant issue, is that there will be a significant decline in the warrant price, as interest wanes, and as liquidity reduces. Hopefully that won't happen to these.