Bearish flow noted in Bilibili (BILI) with 8,596 puts trading, or 3x expected. Most active are Jul-25 21 puts and Aug-25 25 calls, with total volume in those strikes near 7,300 contracts. The Put/Call Ratio is 1.67, while ATM IV is up over 5 points on the day. Earnings are expected on August 21st.
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