CoreWeave closed at USD 81.58, down 7.77%.

Large options trades showed a clear bearish tilt. A $12.81 million double-long put position dominated the session, showing strong downside conviction, while a $4.70 million bull put spread offered a cautious upside bet. The mixed but mostly defensive flow points to institutions bracing for further weakness rather than chasing a rebound.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

CoreWeave’s implied volatility is 78.95%, and although the absolute IV level is high, the IV percentile stands at just 11.55%, which indicates that current volatility is still on the low side relative to its own recent range and that options are cheaply priced rather than expensive. With an IV/HV ratio of 1.57, implied volatility is running above historical volatility, showing the options market is still embedding a meaningful premium for expected movement. The Call/Put volume ratio is 0.86.

Large Trades

A directional put-buying combination worth $12.81 million was the standout large trade of the session, structured as a same-direction double-long put position in the 2026-10-16 expiration. The trader bought 1,737 contracts of the 120.0 put for $6.64 million and 1,860 contracts of the 115.0 put for $6.18 million, with both strikes in the money versus the $81.58 reference stock price. Because this combination contains two buy puts, it is best viewed as a bearish multi-strike put purchase rather than a spread, with a net debit of $12.81 million expressing a strong directional downside view and a willingness to pay substantial premium for a potentially large move lower.

A bullish put spread with a net credit of $4.70 million was the second key large trade, using the 2027-03-19 expiration to express a constructive outlook while collecting premium. The trader sold 2,500 contracts of the 100.0 put, an in-the-money short put, and bought 2,500 contracts of the 65.0 put, an out-of-the-money long put, creating a bull put spread for a net credit of $4.70 million. Strategically, this structure suggests the trader is betting the stock can hold above the spread area over time, using defined-risk premium collection to position for stability or upside rather than an outright aggressive rally.

Overall, the large-trade flow leans bearish. Although there was meaningful bullish premium-selling activity, including the sizeable bull put spread and several short-put positions, the dominant feature of the tape was heavier downside positioning through put buying, led by the very large in-the-money double-long put combination and reinforced by the broader bulk-order imbalance. The conclusion is that institutional positioning is skewed toward caution and downside protection, indicating a negative near-to-medium-term sentiment backdrop for CRWV.

Strategy Reference

For a low assignment probability, a seller could consider short puts below the 65.0 strike, or use a defined-risk bull put spread near 65.0/55.0 if margin efficiency is a priority.