CoreWeave closed at 61.12 USD, down 0.44 percent.
A $6.72 million short call at the 92.5 strike dominated the session’s large trades, reflecting a bearish to capped-bullish stance. At the same time, a $2.37 million deep out-of-the-money call purchase at the 150.0 strike kept longer-dated upside speculation in play. Despite that speculative buy, the aggregate bulk-order picture leaned clearly negative, with premium collection as the primary large-money theme.
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Options Indicators
CoreWeave’s implied volatility is 106.29%, and with an IV percentile of 82.47%, current volatility sits in an elevated range where options are priced expensively versus their own recent history. The IV/HV ratio of 1.21 further suggests implied volatility is running above realized volatility, indicating the options market is embedding a richer premium for forward uncertainty.
The Call/Put volume ratio is 1.17.
Large Trades
A call sale worth $6.72 million was the dominant large trade of the session, with 4,500 contracts sold at the 92.5 strike for expiration on 2028-01-21. With the stock reference price at $61.12, this call was out of the money at the time of the trade. Selling an out-of-the-money long-dated call typically reflects a bearish to capped-bullish view, as the trader is collecting premium while expressing skepticism that CRWV will rise beyond $92.5 by expiration, or at least that upside will remain limited enough for the short call to retain value.
A call purchase worth $2.37 million was the next key block, involving 3,650 contracts bought at the 150.0 strike for expiration on 2028-01-21. This strike was deeply out of the money versus the $61.12 reference stock price, making it a high-conviction upside speculation with long-dated optionality. The buyer is positioning for a major bullish move over time, using relatively distant upside exposure to participate in a sharp re-rating scenario while keeping risk defined to the premium paid. Overall, the large-trade flow leans clearly bearish, as the biggest order by far was a sizable premium-collecting short call and the aggregate bulk-order picture also favors downside sentiment. Even though there was a meaningful long-call bet looking for substantial upside, the balance of large-money activity suggests the market is more inclined toward restrained upside expectations and a cautious-to-negative directional outlook on CRWV.
Strategy Reference
For a lower assignment probability with a short call, a seller could consider an out-of-the-money strike around the 75.0 or 80.0 area, or use a bear call spread such as selling the 92.5 call and buying a higher strike call to cap margin and risk while still expressing a restrained upside view.
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