My ACE2 cloak hypothesis is shifting a bit. Soluble and membrane-bound ACE2 is clearly not fully saturating all exposed neutralizing antibody sites, and some B cells are binding. Still, ACE2 cloaking suggests that small numbers of virus get fully cloaked.
This is in a large part driven by ACE2 existing both as a soluble and membrane-bound protein.
Furthermore, I wonder about what sort of glycosylation (sugar modifications) are on the Moderna and Oxford spike proteins, as the virus is glycosylated.