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Bilibili put volume heavy and directionally bearish

Bearish flow noted in Bilibili (BILI) with 9,417 puts trading, or 4x expected. Most active are Aug-25 21 puts and Mar-26 25 puts, with total volume in those strikes near 7,800 contracts. The Put/Call Ratio is 4.61, while ATM IV is up nearly 3 points on the day. Earnings are expected on August 21st.

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