CoreWeave, Inc. closed at $105.26, down 0.97%.
Despite the modest daily dip, options activity revealed a strong undercurrent of bullish conviction, dominated by a massive $7.90 million call purchase. While a bearish put spread surfaced as a notable trade, the aggregate large-trade flow tilted decisively positive, with total bullish premium of $7.91 million overwhelming $4.39 million in bearish flow.
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Options Indicators
CRWV’s implied volatility stands at 79.08%, but its IV percentile is only 6.37%, which indicates that despite the high absolute IV level, current option pricing sits near the low end of its own historical volatility range. Combined with an IV/HV ratio of 0.57, this suggests implied volatility is relatively subdued versus realized volatility, and overall the options appear cheaply priced rather than expensive on a relative basis. The Call/Put volume ratio is 1.46.
Large Trades
A CALL buy worth $7.90 million was the largest displayed trade, with 2,500 contracts bought at the $200.00 strike expiring on December 15, 2028. With the stock reference price at $105.26, this call is clearly out of the money, making it a high-conviction bullish expression that needs substantial upside over a long time horizon to pay off. The structure is straightforward and aggressive: the buyer paid premium outright for leveraged upside exposure, suggesting a directional bet on significant appreciation rather than a conservative hedge.
A bear put spread with a net debit of $0.25 million was the other key displayed trade, built by buying 2,000 September 18, 2026 $90.00 puts and selling 2,000 September 18, 2026 $85.00 puts. Both strikes sit below the current stock price, so this is an out-of-the-money bearish vertical spread that expresses downside expectations over the medium term while capping both cost and maximum payoff. The net debit indicates premium was paid to establish the position, and the strategic intent is a defined-risk directional bearish bet rather than premium collection.
Overall, large-trade sentiment still leaned bullish despite notable downside positioning. Total bullish flow came to $7.91 million versus $4.39 million of bearish flow, leaving a net difference of $3.51 million in favor of the bulls. The directional judgment is therefore moderately bullish: the dominant signal was the very large long-dated out-of-the-money call purchase, which outweighed the smaller bearish put activity and spread structures. Even though traders did show meaningful downside interest through puts and bearish spreads, the scale and conviction of the upside call buyer kept the aggregate large-trade picture tilted toward a positive outlook.
Strategy Reference
Given the low IV percentile and subdued IV/HV ratio, selling premium is less rewarding; traders looking for a high-probability, short-term bearish fade might consider selling the $150.00 call in nearer expirations for an elevated strike assignment buffer, though the dominant flow favors directional upside positioning.
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