CoreWeave closed at $59.57, rising 7.94% from the previous close.

Large options trades in CoreWeave showed a notable split in conviction. The most significant transaction was a $6.80 million purchase of long-dated in-the-money puts, signaling strong bearish positioning or hedging demand. By contrast, a $1.29 million sale of out-of-the-money puts reflected a trader willing to collect premium and accept potential assignment at a lower level. Together, the bulk order flow tilted defensive, with downside protection overshadowing the smaller bullish income trade.

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Options Indicators

CoreWeave’s implied volatility stands at 114.22%, and with an IV percentile of 90.84%, current option volatility is clearly in an elevated range, indicating that options are priced expensively relative to their own recent history. The IV/HV ratio of 1.25 further shows implied volatility is running above realized volatility, suggesting the options market is embedding a meaningful premium for expected future movement.

The Call/Put volume ratio is 1.82.

Large Trades

A put buy worth $6.80 million was the standout large trade, with 2,200 contracts of the 70.0 put expiring on 2028-12-15 purchased while the stock reference price was $59.57. This was an in-the-money put, which makes the trade especially sensitive to downside exposure and consistent with a bearish stance. Strategically, buying a long-dated in-the-money put at this strike points to either a direct downside bet on CRWV over an extended horizon or a substantial hedge against future weakness, and the size suggests meaningful conviction behind the bearish positioning.

A put sale worth $1.29 million was the other displayed large trade, involving 5,000 contracts of the 50.0 put expiring on 2026-11-20. With the stock reference price at $59.57, this was an out-of-the-money short put, which is typically a moderately bullish income or accumulation strategy. By selling downside premium below the market, the trader appears willing to take on assignment risk at a lower effective entry level while expressing confidence that CRWV can remain above the 50.0 strike into expiration.

Overall, the bulk-order flow leans slightly bearish on CRWV. The clearest signal comes from the dominant long-dated in-the-money put purchase, which outweighed the bullish implication of the out-of-the-money put sale and fits with the broader large-trade mix showing more defensive and downside-oriented activity. While there is still evidence of traders collecting premium and positioning for support on dips, the character of the largest orders suggests caution and a market tone that is tilted toward protecting against or anticipating weakness rather than aggressively chasing upside.

Strategy Reference

For traders seeking low assignment probability, selling a put spread such as the 45.0/40.0 put spread expiring in 30-45 days can reduce margin requirements while still collecting elevated premium; alternatively, a bear put spread using the 65.0/55.0 strikes could express the dominant downside sentiment with defined risk.