"Who in their right mind would sell into that bid? I don't get it?"

Someone who has a different perspective on what it means. You think it is going up based on an apparent interest in obtaining shares. How many times have you seen this followed by a nice drop in an sp a few days later. L2 is seldom an accurate gauge for where something is going, just a potential... not a guarantee. It will go where those with the money muscle want it. Let's see what it brings us today. It could well be a good sign but I think it is what it is, what ever it is.