COIN

Dark pool — off-exchange short volume

GEX Back to dark pool

Short ratio (latest)

41.3%

20-day average

45.5%

Off-exchange share (20d)

44%

Darkpool density

big day, short ratio above trendbelow trendbubble size = how unusual ($vol z-score)

Last ~6 months. Bubbles mark days of unusually large off-exchange dollar volume (≥1.5σ vs the trailing 60 days). Daily resolution — not print-level data.

Darkpool levels ±15% of spot, since 2018-10-01

175.13

10.2B

172.05

10.6B

168.98

10.3B

165.91

11.8B

162.84

9.45B

159.76

6.80B

156.69

6.30B

153.62

6.81B

150.55

6.15B

147.48

4.20B

144.40

3.45B

141.33

3.73B

138.26

2.95B

135.19

2.54B

132.11

3.20B

Historical off-exchange $ volume at price: each day's volume spread across that day's range, summed over the full FINRA history. Heavy shelves often act as support/resistance magnets. Amber row = spot's bin.

Off-exchange short-volume ratio

short ratio (20d, right) daily off-exchange share (left)

FINRA daily TRF data, last 2 years. A persistently HIGH short ratio is mostly passive market-maker liquidity provision (commonly read as accumulation pressure) — not naively bearish.