Deep Dive into Today's Dark Pool and Option Flow; June 17, 2026
Executive Summary
Today’s tape was dominated by a tug-of-war on SPCX, with $56M+ in put selling and bullish risk reversals fighting against $50M+ in bearish risk reversals and outright put buying on the same underlying across multiple expiries. The two largest single prints were a pair of SPY bear put spreads at the 750/735 Aug strikes totaling $45M notional, signaling at minimum a serious hedging campaign at the index level. NBIS printed $26.7M in outright Sep call buying across two clips, one of the cleanest single-name bull signals on the session. Dark pool showed an enormous AVGO sale of 5.8M shares worth $2.25B, and the options tape echoed that with a bearish risk reversal on AVGO for $5.2M, the cross-signal alignment there is hard to ignore. MU was the most contested single name, with floor-executed offsetting risk reversals and fresh put buying at the 1000 strike totaling over $25M, reflecting genuine two-sided institutional positioning heading into the Jun 26 expiry.
