NEBIUS closed at $223.90, down 9.87%.

A large bullish call spread dominated NBIS options flow, with a net debit of $1.72 million and total bullish flow reaching $19.29 million against $0.00 million in bearish flow. The trade centered on the 190-200 strike zone, suggesting institutional investors are using the pullback to position for further upside in a defined-risk structure.

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Options Indicators

NBIS is showing an implied volatility of 96.87%, while its IV percentile stands at 37.45%, which places current volatility conditions in a broadly neutral historical range rather than an extreme one. Combined with an IV/HV ratio of 0.53, this suggests the options are not being priced at an especially rich premium relative to their own recent realized movement, and overall option pricing appears closer to fair-to-slightly inexpensive than overheated.

The Call/Put volume ratio is 1.16.

Large Trades

A bull call spread with a net debit of $1.72 million was the standout large trade in NBIS, signaling a clearly bullish directional bet. The structure involved buying 2,807 deep in-the-money 190.0 calls expiring on 2026-08-21 and selling 2,807 deep in-the-money 200.0 calls expiring on 2026-08-28, with the overall size measured by the preprocessed net debit rather than the gross leg notional. As a debit call spread, the strategy reflects willingness to pay premium upfront for upside exposure while capping gains above the short strike, suggesting the trader is looking for continued strength in NBIS but in a defined-risk, more capital-efficient format rather than through outright call buying.

Overall sentiment in the bulk orders was decisively bullish, with total bullish flow at $19.29 million versus bearish flow at $0.00 million, leaving a net bullish imbalance of $19.29 million. The concentration of activity in a single bullish call spread indicates conviction on further upside while also showing some discipline on cost and risk through the use of a spread rather than naked long calls. Taken together, the large-trade flow points to a constructive outlook for NBIS, with institutional positioning leaning meaningfully to the upside.

Strategy Reference

For traders seeking low assignment probability on the sell side, the 170.00 put expiring in the next monthly cycle offers a strike below the recent pullback zone while still benefiting from elevated implied volatility; alternatively, a bull put spread using the 170.00/160.00 strikes can reduce margin requirements while maintaining a bullish posture consistent with the large-trade flow.