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> The narrative appears to be that the shorts will have to eat the loss and cover at some point

Supposed Melvin already has.

Because they publicly stated it, as far as we know the only interest in sharing such information is to point precisely that they want people to believe they are out.

So, as far as we know, they haven't closed yet.

> the house has taken possession of the short position and is now putting their thumb on the scale.

With such low volume it's unlikely. They literally blocked the buy side, so they are just tanking the price with a few shares to scare retail and trigger stop losses.

There's almost no volume. About 60% of Robinhood's userbase owns GME and all of them are blocked from buying more.