Share lending demand from High to None overnight?

Hi, Just wondering how does a stock go from having a high demand to lend to zero demand over night. The interest rate was 23%+ and now is zero. Nothing corporate has happened, no news etc so I’m just wondering how that really occurs. I’m also assuming that if we saw people closing shorts then price action surely should have reflected that, no?

Any light shone on this would be much appreciated!

The simple answer is that I don’t actually know but my guess would be: 1) shorts closing (not necessarily all shorts but those shorts that rely on T212 stock for lending), 2) the T212 lending stats (demand and interest) maybe are not updated daily so could jump when they are updated and/or 3) the NASDAQ only gets short interest data twice a month so if it is dependant on that (which is around the 15th and end of month) then it could jump based on the new data

Which stock was it? will display Cost to Borrow and shares available to borrow for most US stocks. CTB can change drastically in a single day.