Alright, we've got to talk about this scene because for a scene as short as this one, it packs a huge punch! They manage to cram a frankly impressive amount of information into less than a min. This will be a long one so strap in and let's start at the very beginning, right after Ori asks, "What about Bilbo?"
Up until this point, we have only ever heard Thorin's voice crack once. Just once, and that was when he thought that he missed his chance to enter Erebor. A huge defining moment in this quest. The second time was right here when he said, "Give him more time." Please note how Thorin is standing. Hands pressed together and head bent, his back completely turned to the mountain. He doesn't even turn his head until Balin utters the word "Killed".
Now Here Thorin says, "You're afraid." He does it in an almost accusatory way and directly after Balin finishes his above sentence. I truly think this is because he has been sitting here dreading Bilbo's fate for hours. This, combined with the dragon sickness that's starting to take hold, wreaking havoc on his psyche. In this moment, the lines between Bilbo and the treasure are getting blurred. His face is a picture of discontent and fear. So in usual Thorin fashion, he lashes out. He voices his fear to Balin as an accusation. I don't think anything articulates how bizarre Thorin is acting more than the below gif.
Balin fully leans away from him in shock, eyes searching this face before going on to say that he fears for him with tears in his eyes. Thorin is at war with himself. He's at war with the growing greed pumping through his veins, and how much he cares and worries for Bilbo. His love for Bilbo is winning because he is desperately forcing himself to detach Bilbo from himself. They go out of their way in the next 13 seconds to tell us that multiple separate times! I will break those down for you now.
Let's start here with this line and how it's said. Time and time again, clearly on and off screen, Thorin has shown his regard for Bilbo. The handful of time we see is not enough to invoke this strong of a reaction from Balin, a Dwarf who has known him his entire life. Would not hesitate is a powerful choice of words. Think of the things you would not hesitate to save from death or destruction. They're all things you love, things you can't live without. That is what Balin is implying Bilbo is to Thorin. Balin knows the depth of Thorin's affection.
And here we have the response and the third time we ever hear Thorin's voice crack and stutter. He chooses to call him "burglar" and forces the words out through his teeth like a curse, like he's fighting something. The statement in and of itself is an obvious lie. He has risked his life for Bilbo multiple times. The trolls, the cliffside, even when Bard threatened them, and he practically glued himself to Bilbo's side.
That brings us to this moment. This is right after the dragon's roar. The look of pure panic at Balin's words. He looks at the door, and the battle between Bilbo and the Arkenstone flips to Bilbo like a light switch. In this moment, Bilbo is more important. He rushes through the door into fiery danger, and the relief in his voice when he sees Bilbo, is clearly audible. Now we all know in the next scene, he holds Bilbo at sword point, and it flickers again. After that, however, Thorin's sickness seems to reconcile Bilbo and the treasure as one thing. Why else would he give him the second most valuable thing in the hoard? Treasure can't steal treasure.
I do have a theory that if Bilbo had revealed the stone, Thorin would not have been upset. It was only when he gave it away that it was deemed betrayal in the highest order.
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