BILI max pain for the Oct 16, 2026 expiry is $18, from the Fri Oct 2 options chain. The last price, $14.75, is 18.1% below it. Call wall $17 · put floor $14.
What the institutional money is doing on BILI right now — dark pool, options positioning, and where the news and the money disagree. Free.
The call-heavy options lean and low squeeze pressure suggest traders are not bracing for downside risk around this event, but thin off-exchange volume means institutions are sitting on the sidelines.
Options traders remain call-biased despite the dilutive offering, but the absence of new institutional positioning (low dark-pool volume) suggests money is waiting to see how the capital is deployed.
Call-heavy positioning persists, but the thin institutional footprint (0.61× normal off-exchange volume) shows big money is not yet convinced the capital raise justifies accumulation.
Options remain call-biased and squeeze pressure is minimal, yet off-exchange volume lags the norm, indicating retail interest without institutional conviction.
Strong earnings align with the call-heavy options lean, but the lack of fresh institutional positioning (no new open interest data, thin dark-pool activity) suggests the market has already priced in the growth story.
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
