Is there any good explanation for this 1 million short position in RVX? 

I can't imagine that this size is fundamentally oriented...must be someone nervous about their long positions?  Maybe hedging part of their very long position?  

If you assume that a maximum of 20% daily volumes can be used to cover your short, that requires 5 million shares to trade before you can cut your 1 million losing hedge position.  Since October 1, 2019, RVX has only traded about 400,000 shares a day.  Clearly, anyone thinking of covering 1 million shares in the market is going to be in big trouble.

Or maybe the short is for the inevitable equity raise that RVX will do in the next few weeks?  But why short now...why not wait till at least Monday at the very least? 

I am truly baffled.

Iconoclast