CoreWeave, Inc. closed at $77.12, down 3.53% from the previous close.
Recent large options trades in CRWV reveal significant institutional positioning, headlined by a multi-million dollar bearish synthetic short combination that overshadowed a sizable out-of-the-money put sale.
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Options Indicators
CRWV’s implied volatility is 106.28%, and with an IV percentile of 82.87%, current option volatility sits in an elevated range, indicating that options are priced expensively relative to the stock’s own recent history. The IV/HV ratio of 1.23 further suggests implied volatility is running above realized volatility, reinforcing the view that the market is embedding a sizable premium into current option prices.
The Call/Put volume ratio is 1.23.
Large Trades
A bearish synthetic short worth $4.10 million was the largest displayed trade, built by buying 5,000 Sep. 18, 2026 $62.50 puts and selling 5,000 Sep. 18, 2026 $120.00 calls. Both legs were out of the money versus the $77.12 reference stock price, and the structure represents a synthetic short combination rather than a simple single-leg bet. The trade was established for a net debit, with $2.95 million spent on the put purchase and $1.16 million collected from the call sale, leaving a net outlay of $4.10 million on the preprocessed basis. Strategically, this is a clear directional bearish position that seeks downside exposure while also capping upside, consistent with an investor expressing a medium- to long-dated negative view on CRWV rather than merely collecting premium.
A put sale worth $1.43 million was the other major trade, involving the sale of 30,499 Aug. 21, 2026 $45.00 puts. With the stock reference price at $77.12, the strike sits out of the money, making this a bullish single-leg trade that reflects willingness to take assignment at a much lower level while collecting option premium upfront. The strategic meaning is constructive rather than aggressive: the seller appears to be expressing confidence that CRWV can remain above $45.00 into expiration, using the short put as a premium-collection trade with bullish bias.
Overall sentiment in the large-trade flow was bearish, with total bearish premium of $4.10 million versus total bullish premium of $1.43 million, for a net bearish difference of $2.67 million. The directional judgment is clearly negative because the dominant trade was a sizable synthetic short that combined long puts with short calls in long-dated expiration, a structure typically used for explicit downside positioning. While the large out-of-the-money put sale adds a bullish premium-selling element, it was materially smaller than the bearish combination, so the balance of notable flow points to a cautious-to-bearish institutional stance on CRWV.
Strategy Reference
For premium sellers seeking a low probability of assignment, a short put at a deep out-of-the-money strike like $30.00 could be considered, while a bear put spread using the $62.50 and $55.00 strikes in September 2026 would define risk and require less capital than the outright long put position seen in the large trade.
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