Circle Internet Corp. closed at 85.09 USD, 5.77 percent higher than the previous close.

Despite the solid one-day rally, large options flow was dominated by a $11.34 million double-long put position that signals aggressive bearish conviction. The overwhelmingly bearish bulk order far outweighed a small $23,500.00 bullish call spread, leaving the institutional tape clearly skewed to the downside even as the stock popped.

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Options Indicators

CRCL’s implied volatility is 74.18%, but its IV percentile is only 5.98%, which indicates that although the absolute level of implied volatility remains high, it is still sitting near the low end of its own historical range. Combined with an IV/HV ratio of 0.70, this suggests the current option pricing is relatively cheap versus the stock’s realized volatility, with implied volatility on the low side rather than overstretched.

The Call/Put volume ratio is 1.51.

Large Trades

A directional put-buying combination worth $11.34 million was the dominant large trade, consisting of a same-direction double-long put structure in the September 18, 2026 expiration. The buyer purchased the 110.0 put and the 100.0 put, both for 2,726 contracts, for a net debit of $11.34 million. With CRCL referenced at $85.09, both strikes were already in the money, making this a high-conviction bearish positioning that seeks to profit from further downside while also expressing expectations for a large directional move. The use of two long put strikes suggests aggressive downside participation across a broad lower-price zone rather than a simple hedge, reinforcing a strongly negative outlook.

A bullish call spread with a net debit of $23,500.00 was the other displayed large trade, built by buying the 92.0 call and selling the 96.0 call in the September 18, 2026 expiration, with 2,351 contracts on each leg. Since both strikes were out of the money versus the $85.09 reference stock price, this was a relatively modest upside bet that requires a meaningful rebound to pay off. As a bull call spread, it caps upside in exchange for lower premium outlay, indicating a defined-risk bullish view rather than outright aggressive call buying. Overall, the large-trade flow is clearly bearish: the overwhelmingly larger capital commitment was concentrated in deep downside put buying, while the bullish activity was small, limited-risk spread positioning that does little to offset the dominant negative tone in the bulk orders.

Strategy Reference

For a low assignment probability against this bearish flow, a put seller could consider the 65.00 strike or lower, which sits well below the low end of the recent realized range; alternatively, a bear put spread such as buying the 100.0 put and selling the 75.0 put in the same September 18, 2026 expiration can capture directional downside with defined margin risk.