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It could potentially be anyone. When a share's price falls quickly, it is possible that a market maker in that stock is absorbing the supply to maintain a liquid market. This may occur when there are no institutional or retail buyers. Otherwise, a buyer may simply be finding more value in the share's price at a lower level. This buyer may be anyone with a brokerage account or access to an electronic communications network.

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Q: Who buys shares that are going down in price?
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