Unusual activity has exploded in NIO’s options market. Over the past weeks, more than $2,000,000 has flowed into November 21st call options at a $3.50 strike. Open interest at this strike is nearing 5,000 contracts, with hedge funds actively positioning for upside. At the same time, significant put writing at the $4.50 strike expiring mid-2026 is signaling institutional confidence that downside risk is capped. The resulting bullish/bearish imbalance is one of the clearest signals that institutional investors are eyeing a rebound toward the $5.90 target.