As the title suggests, sending live videos through Direct on Instagram is now a thing.
You can send your own live videos by hitting the Direct button once your live video has started or send someone else’s live video using the same button. As a viewer of a live video that has been received over Direct, you’ll be able to watch the video if it’s live or you’ll see a “video has ended” message if it has indeed ended.
If you aren’t interested in any of that, Instagram says you can “disable the option to send your live videos in Direct in your stories settings.”
I’ve got nothing else to share other than you’ll see this new option in v26 of the Instagram app.