What the institutional money is doing on STEP right now — dark pool, options positioning, and where the news and the money disagree. Free.
Presentation news arrives as institutions are quietly selling and hedging STEP off the public market, with short-selling in dark pools running 26 points above normal—a divergence between public messaging and institutional positioning.
No new option positions are opening to reflect this deal, and dark-pool short-selling remains elevated at 26 points above STEP's norm, suggesting institutional skepticism about the transaction's value.
Despite the fundraising win, institutions are reducing exposure off-exchange (volume 33% below normal) and selling short at elevated levels—money is not following the headline.
This story involves a different ticker (HYOR, not STEP); no money signal applies to STEP itself.
Earnings news coincides with institutions trimming positions quietly off-exchange and short-selling at 26 points above normal, suggesting the market is pricing in ongoing headwinds despite fee growth.
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).
