Option Focus | Circle Internet's $1.84 Million Long-Dated Call Buy at $110 Strike Signals Bullish Conviction as Call Volume Doubles Puts

Circle Internet Corp. closed at USD 94.49, up 2.95%.

A USD 1.84 million long-dated call purchase led an unusually one-sided options session in CRCL, as traders positioned for continued upside. Call volume ran more than twice the level of puts, with the session’s defining trade concentrated in November 2026 upside calls. The flow suggests conviction that the stock can extend its advance well beyond the current price over a multi-quarter horizon.

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Options Indicators

CRCL’s implied volatility is 80.83%, but with an IV percentile of just 18.33% and an IV/HV ratio of 0.75, current option pricing looks relatively cheap versus its own recent range, suggesting volatility is on the low side rather than elevated despite the high absolute IV level. In other words, the market is still implying substantial movement, but compared with where this name’s options have typically traded, premiums are not especially expensive at the moment.

The Call/Put volume ratio is 2.15.

Large Trades

A call purchase worth $1.84 million was the standout large trade, with 2,500 contracts bought on the November 20, 2026 $110.00 call. With CRCL referenced at $94.49, this strike sits out of the money, making the trade a clearly bullish directional bet that seeks upside participation above the current share price over a longer-dated horizon. The buyer is paying premium for convex upside exposure, signaling expectations for a meaningful advance rather than a defensive hedge.

Overall, the large-trade flow points to a bullish outlook on CRCL. The activity was entirely one-sided, centered on a sizable out-of-the-money call purchase with no offsetting bearish large trade to dilute that signal, which suggests traders are positioning for upside appreciation and are willing to commit premium to express that view over time.

Strategy Reference

For a lower-assignment-probability short premium candidate, a seller could consider OTM puts below the November 2026 $70.00 strike, or alternatively express a longer-dated call spread by purchasing the $110.00 call and selling the $130.00 call to reduce upfront premium and margin exposure.