Bilibili put volume heavy and directionally bearish

Bearish flow noted in Bilibili (BILI) with 7,195 puts trading, or 2x expected. Most active are Apr-25 15 puts and Apr-25 14 puts, with total volume in those strikes near 2,400 contracts. The Put/Call Ratio is 1.63, while ATM IV is up nearly 2 points on the day. Earnings are expected on March 13th.