Option Focus | CoreWeave’s $19.06 Million In-The-Money Put Combo and $15.02 Million Short Call Reveal Aggressive Bearish Positioning as Stock Slides 10%

Option Witch
10/23

CoreWeave closed at $55.60, registering a 10.06% decline from the previous close.

The session featured two standout bearish options prints. A $19.06 million net-debit long put combination dominated the tape, while a $15.02 million short call added conviction to the downside view. Together, the bulk-order flow points to institutional positioning for continued weakness in CoreWeave.

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Options Indicators

CoreWeave’s implied volatility is 124.62%, and with an IV percentile of 98.01%, current volatility sits at the extreme high end of its recent range, indicating that options are priced expensively. The IV/HV ratio of 1.46 further suggests implied volatility is running well above historical realized volatility, meaning the options market is embedding a sizable premium for future movement and buyers are paying up significantly for optionality at current levels.

The Call/Put volume ratio is 1.16.

Large Trades

A directional put-buy package with a net debit of $19.06 million was the largest displayed options trade, consisting of long 90.0 puts expiring 2026-10-30 and long 76.0 puts expiring 2026-10-23. Because the structure includes both a Buy Put and another Buy Put, this is a same-direction long put combination rather than a synthetic position, and its size should be read from the provided net debit of $19.06 million. With CRWV referenced at 55.6, both strikes were in the money at execution, which makes the trade an aggressive bearish positioning with high sensitivity to downside continuation; the use of two in-the-money long puts across nearby and later expirations also suggests the buyer was targeting a sharp directional move rather than simply collecting premium or hedging passively.

A single-leg short call worth $15.02 million was the other displayed large trade, involving the sale of 80.0 calls expiring 2027-04-16. With the stock at 55.6, the 80.0 strike was out of the money, so this seller was likely expressing a bearish-to-capped-upside view, betting that CRWV would remain below that level for an extended period while harvesting premium. The long-dated tenor makes it especially notable, as it points to conviction that upside will stay limited over time rather than just over the next few sessions.

Overall, the bulk-order flow was clearly bearish. The dominant large trades were concentrated in put buying and call selling, with the featured $19.06 million long put combination signaling active downside speculation and the $15.02 million short call adding a strong cap-on-upside message. Even though some premium-selling activity elsewhere reflects range-trading or yield-seeking behavior, the balance of meaningful size points to institutional caution and a market tone that is positioned for weakness or at least materially constrained upside in CRWV.

Strategy Reference

For a low assignment probability, a short call seller could target the 75.0 strike in a shorter-dated expiry, though the extreme IV percentile favors defined-risk spreads such as a bear put spread using the 55.0 and 45.0 strikes to limit margin exposure while staying aligned with the bearish flow.

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