Rainer,,, great post! I agree 100%. Those warrant holders who are getting nervous about the sinking SP are selling into the weakness as the expiry date draws closer.
IMO, some of those warrant holders are most likely short as well, and by driving the price down, gives them the benefit of profiting from the short trade. the short profits would be used to purchase the 75 cent warrants, along with any funds required to exercise the warrant. So it could be a combination of both, covering short positions and buying the weak SP.
There is no real buying pressure as everyone is in a wait and see mode. The clouds will start to clear as we get closer to the expiry date of the warrants.
GL.