CoreWeave, Inc. ended the session at $89.76, a decline of 1.22%.

Large options activity showed a pronounced defensive tilt, led by a $12.36 million net debit cross-expiry put combination across four long-dated 35.0 strike contracts. A separate $7.98 million double-call buy on the 145.0 and 180.0 strikes provided the only notable bullish flow. With total bearish flow at $29.98 million versus $7.98 million bullish, the session left a $22.01 million bearish net imbalance, signaling institutional preference for downside protection over upside speculation.

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Options Indicators

CRWV’s implied volatility is 80.29%, but its IV percentile is only 9.16%, which indicates that despite the high absolute IV level, current implied volatility sits near the low end of its own historical range. Combined with an IV/HV ratio of 0.55, this suggests options are relatively cheaply priced at the moment, with implied volatility running below realized volatility and overall volatility conditions skewing to the low side rather than appearing overheated.

The Call/Put volume ratio is 0.79, confirming that put volume outweighed call volume during the session and aligning with the bearish bulk-order imbalance.

Large Trades

A cross-expiry PUT combination with a net debit of $12.36 million was one of the standout trades, consisting of four long 35.0 strike puts spread across January 21, 2028, June 16, 2028, December 15, 2028, and December 17, 2027. All four legs were out of the money versus the $89.76 reference stock price, making this a long-dated downside hedge or low-strike disaster protection structure rather than a near-term bearish speculation trade. Because the trader paid a net debit, the intent points to premium outlay for tail-risk protection and downside exposure over multiple expiries, suggesting concern about a deep longer-term drawdown scenario.

A directional double-CALL buy with a net debit of $7.98 million was the other highlighted trade, built through outright purchases of the 145.0 call expiring September 17, 2027 and the 180.0 call expiring December 17, 2027. Both strikes were out of the money, so this was a premium-paying upside bet aimed at capturing a large bullish move over time rather than a conservative income strategy. The structure clearly reflects a directional volatility play, with the buyer seeking substantial upside convexity if CRWV stages a major rally well above the current $89.76 level.

Overall, bulk-order sentiment was bearish, with total bearish flow at $29.98 million versus total bullish flow at $7.98 million, leaving a bearish net imbalance of $22.01 million. The conclusion is that institutional-sized activity leaned decisively cautious to negative: although there was one meaningful long-call structure expressing willingness to pay for major upside, the much larger put-heavy flow, especially the sizable long-put combinations and additional put buying, shows the dominant tone was downside protection and bearish positioning rather than confidence in sustained upside.

Strategy Reference

For traders seeking income without posting excessive margin, selling a call spread such as the 145.0/180.0 call spread expiring September 17, 2027 may offer defined risk, while a short put at the 35.0 strike across the 2027-2028 expiries carries a low assignment probability given the deep downside distance but requires substantial capital due to the long-dated maturity.