WULF max pain for the Oct 9, 2026 expiry is $15.50. The last price, $14.97, is 3.4% below it. Call wall $17 · put floor $13.
What the institutional money is doing on WULF right now — dark pool, options positioning, and where the news and the money disagree. Free.
The money right now
Dark pool share
56.3% (market avg 51%)
Dark pool volume vs its norm
1.2×
Short share of that
46.2% (norm 44%)
Dark pool share: 56.3% off-exchange — a normal session
Off-exchange prints never touch the public book, so they move size without moving the quote. That is the point of using them. Both the share and the size sat inside this name's usual range. Nothing unusual to read that day.
Source: FINRA · Tue 10/6 close
What it means: WULF shows a call-heavy lean in both standing positions and recent trading flow, with off-exchange volume running 22% above its own 20-day norm—suggesting institutional accumulation is occurring quietly away from the public book. However, no new options positions opened in the latest session, and the squeeze pressure is low, indicating positioning is steady rather than building into fresh conviction.
News vs the money
Applied Digital Climbs on Finland Deal; TeraWulf and Core Scientific Rise
News of expansion deals is bullish, and WULF's options flow is call-heavy, but no new large positions opened in the latest session—existing holders are holding, not rushing to add.
24/7 Wall Street · 10/06
Nasdaq Hits Record as PMI Data Arrives
The broader market rally aligns with WULF's call-heavy positioning, but this is a macro story with no WULF-specific money signal.
Schaeffers Research · 10/05
⚡ DIVERGENCETeraWulf Slides 5% Despite Doubling Muskie Power Contract to 1 Gigawatt
The stock fell on positive news, yet options positioning remains call-heavy and off-exchange accumulation is elevated—insiders may be buying the dip while the market overreacts.
24/7 Wall Street · 10/05
Kentucky Power and TeraWulf Finalize Expanded Agreement with $100 Million in Customer Benefits
The deal is substantive and positive, and WULF's options show a call-heavy lean, but no new large positions opened to capitalize on it—existing bullish positioning is holding rather than accelerating.
PRNewsWire · 10/05
TeraWulf Expands Muskie Data Campus Contracted Power to 1 GW
The expansion is bullish and aligns with WULF's call-heavy options lean, but the lack of fresh position openings suggests the market has already priced in this trajectory.
GlobeNewsWire · 10/05
What is a “divergence”?
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.
How to read these numbers
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).