Circle Internet Corp. closed at USD 103.23, advancing 16.46%.

Options activity highlighted a dominant premium-collecting posture, with a single sale of 1,065 October 2026 $85.00 puts valued at $386,600 leading the flow. The overall large-trade complexion was decisively bullish, driven by put selling rather than defensive put buying, suggesting traders see limited downside risk below the $85.00 level.

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Options Indicators

CRCL’s implied volatility is 84.44%, and with an IV percentile of 27.78%, current option pricing sits in the lower end of its recent volatility range. Although the absolute IV level is still high, the percentile suggests volatility is relatively subdued versus its own history, so options appear comparatively cheap rather than richly priced. The IV/HV ratio of 1.06 also indicates implied volatility is only modestly above historical volatility, pointing to fairly balanced premium pricing rather than a major volatility overstatement.

The Call/Put volume ratio is 1.42.

Large Trades

A put sale worth $386,600 was the standout large trade, with 1,065 contracts sold on the October 16, 2026 $85.00 put. With CRCL referenced at $103.23, this strike sits out of the money, making the trade a moderately bullish stance that leans on the stock holding above $85.00 into expiration. Strategically, selling this put suggests the trader was either seeking to collect premium on downside support or expressing willingness to be assigned shares at an effective entry level below the current market, both of which point to constructive underlying sentiment rather than a bearish view.

Overall, the bulk-order flow in CRCL was clearly bullish. The large-trade activity was concentrated entirely in put selling, with no meaningful bearish counterpart showing up in the aggregated block flow, which indicates traders were more focused on monetizing elevated downside premium and positioning around support than paying for downside protection. Taken together, the figures point to a favorable near-to-medium-term outlook, with institutional-style order flow implying confidence that CRCL can remain above key lower strike levels.

Strategy Reference

Traders seeking a lower assignment probability may favor selling the October 2026 $75.00 put or using a $75.00/$65.00 put credit spread to reduce margin requirements while maintaining a bullish, premium-collecting stance.