CoreWeave, Inc. closed at $93.17, a decrease of 12.10%.
The options tape showed a dominant $1.52 million put sale at the $60 strike for 2026, signaling bullish premium collection, while a smaller $0.46 million bearish put spread added a cautious note. Net bullish flow reached $0.95 million, suggesting confidence in downside support despite the sharp stock decline.
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Options Indicators
CRWV’s implied volatility stands at 80.98%, but its IV percentile is only 10.36%, which indicates that despite the high absolute IV level, current option pricing is actually cheap relative to its own recent volatility history. This is reinforced by the IV/HV ratio of 0.59, suggesting implied volatility is running below historical realized volatility and that the market is not demanding a particularly rich premium for future uncertainty at the moment.
The Call/Put volume ratio is 1.05.
Large Trades
A PUT sale worth $1.52 million was the largest displayed trade, with 19,431 contracts sold at the 60.0 strike expiring on 2026-10-16. With the stock reference price at $93.17, this put was out of the money, meaning the seller is expressing a moderately bullish stance by betting CRWV stays above $60 through expiration or at least does not decline enough to make the short put position problematic. Strategically, this type of trade is typically used for premium collection, while also signaling willingness to accumulate shares at a much lower effective level if assigned.
A bearish put spread with a net debit of $0.46 million was the other key large trade, structured as a long 75.0 put and short 60.0 put, both expiring on 2026-09-18. This Bear Put Spread is a defined-risk bearish strategy, where the trader pays premium upfront to position for downside in CRWV, but caps the maximum gain below the lower strike in exchange for reducing cost versus an outright put purchase. Because both strikes were out of the money versus the $93.17 reference price, the trade appears to be a directional downside bet targeting a meaningful decline over time rather than an immediate deep-in-the-money hedge.
Overall sentiment in CRWV large trades was bullish, with $1.53 million in bullish flow versus $0.58 million in bearish flow, for a net difference of $0.95 million to the bullish side. The directional bias is therefore clearly positive, driven primarily by the very large out-of-the-money 60.0 put sale, which outweighed the bearish debit put spread by a wide margin. In aggregate, the tape suggests traders were more interested in collecting downside premium and expressing confidence in a lower support zone than in aggressively paying for protection or positioning for a major breakdown.
Strategy Reference
For premium sellers aligned with the dominant bullish flow, the $60 strike put expiring 2026-10-16 offers a low assignment probability given its distance from spot; alternatively, a bull put spread such as selling the $60 put and buying the $50 put can reduce margin requirements while still capturing downside premium.
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