NBIS closed at 277.68 USD with an 8.88 % increase.

Despite the sharp rally, options flow painted a starkly different picture, dominated by a massive $18.20 million bear put spread. While a $14.08 million bullish call purchase showed some upside appetite, total bearish premium of $30.74 million overwhelmed bullish flow, resulting in a net bearish sentiment skewed by $16.66 million.

>>>Click to claim your commission-free cards before trading!

Options Indicators

NBIS has an implied volatility of 107.27%, while its IV percentile stands at 65.34%, which suggests current volatility is in a broadly neutral range rather than at an extreme, even though the absolute IV level itself is very high. Combined with an IV/HV ratio of 0.57, options appear somewhat inexpensive relative to the stock’s recent realized volatility, indicating that implied pricing is not especially stretched despite the elevated headline IV. The Call/Put volume ratio is 1.26.

Large Trades

A bearish put spread with a net debit of $18.20 million was the largest complex trade displayed, built by buying 2,000 Jan. 15, 2027 $350 puts and selling 2,000 Jan. 15, 2027 $200 puts. With the stock reference price at $277.68, the long $350 put was already in the money while the short $200 put was out of the money, making this a classic downside structure that pays for part of the protection by capping gains below $200. The net debit confirms this was a premium-paying bearish position rather than an income trade, signaling a defined-risk directional bet on meaningful weakness over a long-dated horizon.

A call purchase worth $14.08 million was the other highlighted large trade, consisting of 2,000 Jan. 15, 2027 $280 calls bought outright. Because the $280 strike sat slightly above the $277.68 stock reference price, the option was out of the money at execution, which makes this a straightforward bullish upside bet requiring further appreciation in the shares. As a single-leg long call, the trade reflects premium paid for leveraged upside exposure, suggesting the buyer was positioning for a longer-term rally while keeping downside limited to the premium spent.

Overall large-trade sentiment was bearish, with total bearish flow of $30.74 million versus bullish flow of $14.08 million, leaving a net bearish difference of $16.66 million. The directional conclusion is clearly negative because the largest trade of the session was a sizable long-premium bear put spread, and even after a meaningful long-call purchase, aggregate large-trade activity still leaned decisively to the downside. Taken together, the flow suggests institutions were more focused on protecting against or positioning for a substantial decline than on chasing upside.

Strategy Reference

For traders seeking to fade the bearish institutional flow, selling the Jan. 15, 2027 $200 put, which is roughly 28% out of the money, could offer a low assignment probability with a substantial cushion against the prevailing downside fears.