CoreWeave, Inc. closed at 106.00 USD, up 0.70%.

CoreWeave options showed intense bearish conviction despite the modest daily gain. The session’s largest trade was a $4.09 million double-long put combination targeting $35 strikes, complemented by a synthetic short position. Bullish flow reached only $0.23 million against $4.84 million in bearish premium, leaving a net bearish difference of $4.61 million. The scale and structure of downside bets overshadowed any bullish activity, pointing to strong directional pessimism.

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Options Indicators

CRWV’s implied volatility stands at 81.17%, but its IV percentile is only 10.36%, which means that despite the headline IV level looking high in absolute terms, it is still sitting near the low end of its own historical range. Combined with an IV/HV ratio of 0.59, options appear relatively cheaply priced, with implied volatility running below realized volatility and current volatility expectations leaning subdued versus what the stock has actually been delivering. The Call/Put volume ratio is 1.26.

Large Trades

A directional double-long PUT combination with a net debit of $4.09 million was the largest displayed trade, built through purchases of 7,000 Jan. 21, 2028 $35 puts and 2,000 Dec. 15, 2028 $35 puts. With CRWV referenced at $106.00, both legs were far out of the money, making this a long-volatility, strongly directional bearish structure that seeks a substantial downside move over a long time horizon. Because both legs were bought, the strategy represents premium outlay rather than premium collection, and the sizeable net debit signals a conviction trade looking for a large drawdown rather than a short-term hedge.

A synthetic short position with a net credit of $0.01 million paired the sale of 1,250 Sep. 18, 2026 $150 calls with the purchase of 1,250 Sep. 18, 2026 $80 puts. At the current $106.00 stock reference, the short call was out of the money and the long put was also out of the money, creating a classic bearish combination that expresses downside exposure with equity-like short bias while taking in a small net credit. Strategically, this is a directional bearish bet rather than a premium-harvesting trade, as the structure benefits if the stock weakens materially into expiration.

Overall sentiment in CRWV large trades was clearly bearish, with total bullish flow at $0.23 million versus bearish flow at $4.84 million, leaving a net bearish difference of $4.61 million. The conclusion is decisively negative: bearish positioning overwhelmingly dominated the tape, led by the very large long-put combination and reinforced by the synthetic short, while the limited bullish call buying was too small to offset the scale and conviction of the downside-oriented trades.

Strategy Reference

For traders seeking a low assignment probability on the short side, selling the Sep. 18, 2026 $150 calls mirrors the existing bearish flow while keeping the strike far above spot and the current IV percentile historically low, though margin requirements for naked calls remain elevated. Alternatively, a bear put spread using the Jan. 21, 2028 $80/$35 strikes would cap capital at risk while aligning with the deep downside conviction seen in the large trades.