> What matters is the volume rather than the liquidity per se
> The exception is when there's a derivative market that has more volume than the underlying
You're the one asking "Why would liquidity matter here?", you tell me. Like I said, they're correlated well enough that it doesn't really matter as far as I can see.
> This is wildly rare in public markets.
Yes, but it's what happened here.
Retail folks use options to gamble. Apps gamify access/trading. It's really odd like that.