Snap stock finished down nearly 1% on Monday, settling at $13.68 per share. Despite the loss, Snap executives may be breathing a giant sigh of relief that it wasn't much greater.

• Why it matters: This was the first day that many early Snap investors – including venture capital firms – had their shares "unlocked," which means they were able to sell on the open market. As such, there was some fear that supply would swamp demand, sending Snap's share price spiraling. But that didn't happen. Overall trading volume totaled nearly 48.8 million. That's Snap's highest mark in over two months, but only the 10th-highest since the company went public in early March.
• Context: Around 400 million shares were unlocked today, while the company's IPO price was $17 per share.
• Thought bubble: It wouldn't be surprising if a number of unlocked investors sold a minority of their holdings today as downside protection, with the optimistic hopes that Snap's share price can recover.
• Coming attractions: In a little more than two weeks from now, and just days after Snap reports Q2 results, company employees will be eligible to sell upwards of 782 million of their shares.