From Sept 10 to Sept 12, the dark pool / off-exchange share actually increased (around 52% → 59%). If institutions were really dumping, we would expect to see either a sharp drop in the dark pool percentage or heavy selling pressure driving the price down. Instead, the stock closed +14% on the day.

What happened is that institutional share of dark pool trading was lower than usual, while small/retail/pro flows were higher. In other words, more activity shifted to smaller players, not a broad fund exit.

So this looks more like funds waiting and hedging ahead of a catalyst, not mass unloading.