CoreWeave, Inc. closed at $85.33, down 5.07%.
The session was dominated by bearish large-trade flow, headlined by a $0.75 million long put sweep and a $0.17 million short call sale, both leaning heavily toward downside positioning as elevated premiums and institutional activity pointed to caution on the name.
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Options Indicators
CRWV’s implied volatility is 104.91%, and with an IV percentile of 75.30%, current volatility sits in an elevated range, indicating that options are priced expensively versus the stock’s own recent history. At the same time, the IV/HV ratio of 0.82 suggests implied volatility is running below realized volatility, meaning the options market is still not fully exceeding the stock’s actual movement pace despite the rich absolute IV level. Overall, premiums are high on a historical percentile basis, so buyers are paying up for optionality while premium-selling structures may offer better relative efficiency than outright long options.
The Call/Put volume ratio is 1.41.
Large Trades
A PUT buy worth $0.75 million was the largest large trade, with 1,700 contracts of the September 18, 2026 $70.00 put purchased. With the stock reference price at $85.33, this strike is out-of-the-money, making it a bearish position that benefits from a meaningful decline in CRWV over time. Strategically, this trade suggests downside speculation or protective hedging, as the buyer paid a substantial premium to secure the right to sell shares at $70.00 into a long-dated expiration.
A CALL sale worth $0.17 million was the other notable large trade, consisting of 1,229 contracts of the August 7, 2026 $90.00 call sold. Given the current stock price of $85.33, this call is also out-of-the-money, and the short-call positioning points to a bearish or at least capped-upside view on CRWV. The seller is expressing the view that the stock is unlikely to rally decisively above $90.00 by expiration, while collecting premium income from the option sale.
Overall, the large-trade flow in CRWV is clearly bearish. The activity was entirely skewed toward downside-oriented positioning, led by a sizable long put purchase and reinforced by out-of-the-money call selling, which together indicate traders are either preparing for weakness ahead or positioning for limited upside. The absence of any meaningful bullish large-trade activity further supports a cautious to negative institutional tone on the name.
Strategy Reference
Sellers targeting a low assignment probability could consider the September 2026 $100.00 call, keeping the short strike above the $90.00 resistance level already tested by institutional flow, while a bear put spread using the $85.00/$70.00 strikes may define risk for those who prefer not to post uncovered margin.