CoreWeave, Inc. closed at USD 81.85, decreasing 3.58% from the previous session.
Notable options activity featured a dominant short put trade and a smaller bearish synthetic put structure. The largest transaction was a $1.57 million premium sale on out-of-the-money puts, suggesting confidence above the $80.00 level into 2026. Meanwhile, a net-debit synthetic put revealed one participant positioning for downside. Overall flow skewed cautiously bullish, even as implied volatility remained historically subdued relative to the stock's recent realized price swings.
>>>Start OPTIONS trading & earn up to SGD 200 in rewards!
Options Indicators
CRWV’s implied volatility stands at 73.82%, but the IV percentile is only 1.59%, which indicates that despite the high absolute IV level, current option pricing sits near the bottom of its own historical range. Combined with an IV/HV ratio of 0.83, this suggests implied volatility is running below realized volatility, reinforcing the view that options are relatively cheaply priced and that current volatility expectations are on the low side versus what the stock has recently delivered.
The Call/Put volume ratio is 0.71.
Large Trades
A put sale worth $1.57 million was the largest highlighted trade, with 1,500 contracts sold at the 80.0 strike expiring on 2026-11-20. With CRWV referenced at $81.85, that put was out of the money at the time of the trade, making this a moderately bullish to neutral-income position that suggests the trader was willing to collect premium while expressing confidence the stock could stay above $80.0 into expiration, or at least that any downside would remain manageable relative to the premium received.
A synthetic put option with a net debit of $210 thousand was also displayed, created through buying the 72.5 put and selling the 105.0 call, both expiring on 2026-09-18. Both legs were out of the money when initiated, and the structure reflects a clearly bearish directional stance because it benefits from stock weakness while the short call caps upside exposure. The net debit indicates the trader paid to establish downside participation, pointing to an intentional bearish bet rather than a premium-collection strategy.
Overall, the large-trade flow leans bullish. Although the synthetic put shows that at least one sizable participant is positioning for downside, the dominant trade by dollar size was the out-of-the-money short put, which is typically associated with constructive sentiment, willingness to own shares lower, or confidence that support will hold. Taken together, the bulk-order activity suggests the market’s larger players are still skewed toward a cautiously bullish outlook on CRWV, with some hedging or speculative downside interest present but not strong enough to overturn the broader positive tone.
Strategy Reference
For a low assignment probability, a seller could look at the $60.00 strike put expiring in November 2026, which sits far below both the recent close and the large short put strike, offering a wider cushion; alternatively, a neutral-to-bullish put spread such as selling the $80.00 put and buying the $60.00 put would define risk without requiring a full cash-secured margin on the short leg.
Comments