La Mer,

Obviously I am making assumptions but it is also possible that not all of the money prior to 60 seconds is dumb. Connections and hedging bookmakers might place their significant bets a little earlier to ensure they get set.

I was looking for for an experiment that everyone could try to get a feel for the significant very late money that only surfaces after it's too late.

But this phenomenon has long been well documented. The most publicised recent example was the famed dawg sting where the mastermind has described how he instructed the operator to delay his monster bet so no one could see its effect before the boxes were flung open.

P.S. dawg as in doggone it