Insiders of IPO stocks (like FLY/Figma) will certainly use stock as collateral for loans, potentially to invest in other companies, instead of selling.
"that that will certainly be used and people might take a loan against their stock to go invest in a different company."
It is only a matter of time before a new stock with a genuine catalyst emerges and experiences a significant squeeze, signaling a return to a 'hot' market.
"it's only a matter of time before we get another stock that squeezes up because it genuinely has a good catalyst"