Facebook (FB) has hit new lows intraday today and assuming the current prices hold will have declined by 2% or more in five of the last six days. That’s fueled an enormous boom in volume and turnover (total value of shares traded). Over the last six trading days, more than $80bn of FB stock has changed hands, roughly double the prior record. As a percentage of market cap, that number is more modest with about 18% of current market cap being traded in total over the past six days. During the 2012-2014 period, when market cap was dramatically lower, that measure of activity ran as high as 40% and often ran in the 20s or higher as a matter of course.

In the two charts below, we show the value traded in Facebook on a rolling 6 session basis and that turnover’s share of market cap. While this isn’t definitive in terms of price direction, it does suggest that there’s been a large shift in ownership over the last week or so.

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