CoreWeave, Inc. closed at USD 73.90, up 21.51%.

A surge in the stock was met with overwhelmingly bearish options flow, headlined by a massive $6.73 million double-long put position. This dominant trade, reflecting a deep conviction in a long-term downside move, significantly overshadowed a smaller $2.01 million bullish call spread, setting a starkly negative tone for the session's large institutional activity.

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Options Indicators

CRWV’s implied volatility stands at 110.54%, and with an IV percentile of 87.65%, current volatility is clearly in the elevated range, indicating that options are priced expensively versus their own historical levels. The IV/HV ratio of 1.32 further suggests implied volatility is running above realized volatility, meaning the market is embedding a sizable premium for future movement and option buyers are paying up for that protection or speculation. The Call/Put volume ratio is 1.47.

Large Trades

A directional double-long put position worth $6.73 million was the largest displayed trade, consisting of long 1,500 CRWV December 15, 2028 $60.00 puts and long 3,000 December 15, 2028 $35.00 puts, both executed while out of the money versus the $73.90 reference stock price. As a same-direction two-leg put purchase, this is a bearish strategy aimed at capturing a substantial downside move over a long horizon rather than generating income, and its net premium was a $6.73 million net debit. The structure suggests the trader wanted leveraged downside exposure across two lower strike levels, giving participation in a broad decline scenario while concentrating the larger contract count at the deeper strike, which points to conviction in the possibility of a major selloff by late 2028.

A bullish call spread worth $2.01 million was the other displayed large trade, built by buying 2,000 CRWV September 18, 2026 $90.00 calls and selling 2,000 September 18, 2026 $100.00 calls, with both strikes out of the money relative to the $73.90 stock price. This bull call spread is a defined-risk upside strategy designed for directional exposure with capped profit potential rather than open-ended speculation, and its net premium was a $0.43 million net debit, reflecting $1.22 million paid for the long calls offset by $0.79 million collected from the short calls. The trade expresses a moderately bullish view that CRWV can rise meaningfully into the 90 to 100 area by expiration, while reducing upfront cost compared with an outright call purchase.

Overall, the large-trade flow in CRWV leans clearly bearish. While there was one notable upside expression through a bull call spread, the dominant feature of the session was the much larger downside positioning, led by the sizable long-put combination and reinforced by additional bearish option activity in the broader large-trade set. The tone of the flow suggests institutions are more focused on downside risk or a potentially sharp negative move than on sustained upside, so the overall conclusion is that sentiment from large traders is decisively negative.

Strategy Reference

Given the elevated IV percentile, premium-selling strategies could be considered; for instance, a trader seeking to fade the bearish sentiment might sell a September 2026 $50.00 put, which is far out of the money and would capture rich premium while providing a wide cushion against the stock's downside.