CoreWeave, Inc. closed at USD 79.88, down 4.16% from the prior close.

Options flow showed a pronounced premium-selling bias led by an $11.60 million short put combination on in-the-money strikes, while a separate $3.71 million out-of-the-money short put added to the income-collection theme. The largest displayed structure was a September 2026 same-direction short put package rather than a synthetic spread, reflecting an institutional preference for harvesting rich downside premium amid weak sentiment instead of positioning for upside breakout.

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

Options Indicators

CRWV’s implied volatility is 80.00%, while its IV percentile is just 9.16%, which indicates that although absolute IV is high, it sits near the low end of its own historical range. In other words, current option pricing appears relatively cheap versus where this stock’s volatility has typically traded, suggesting volatility conditions are subdued on a relative basis. With an IV/HV ratio of 1.20, implied volatility is modestly above realized volatility, so the options market is still embedding some premium over recent actual movement, but not to an excessive degree. The Call/Put volume ratio is 1.45.

Large Trades

A premium-collection put spread package with a net credit of $11.60 million was the largest displayed trade, consisting of two short puts in the same expiration and therefore best read as a same-direction short put combination rather than a synthetic structure. The trader sold the September 18, 2026 $120.00 put and the September 18, 2026 $105.00 put, both of which were in the money versus the $79.88 reference stock price, making this a relatively aggressive income trade that leans neutral-to-bearish in character. Because both legs are short puts, the strategy is effectively a put credit structure focused on collecting option premium, with the positioning suggesting the trader is comfortable taking downside exposure and is likely betting the shares remain stable enough over time for rich premium decay to work in their favor rather than expressing an outright bullish upside chase.

A short out-of-the-money put worth $3.71 million was the other displayed large trade, with 1,500 contracts sold on the December 15, 2028 $70.00 put. With the strike below the current $79.88 reference price, this single-leg trade was out of the money at execution and carries a moderately bullish interpretation: the seller is collecting premium while signaling willingness to own the stock at a lower effective entry level if assigned. Taken together, the large-trade flow still points to an overall bearish tilt in institutional sentiment, as the broader bulk-order picture skews negative and the biggest highlighted trade was a premium-selling structure built around in-the-money puts rather than upside call exposure, indicating the market is more focused on harvesting elevated downside premium and managing risk around weaker price expectations than on positioning for a strong bullish breakout.

Strategy Reference

For a low assignment probability on a short put, a seller could consider a nearer-term out-of-the-money strike such as the $70.00 or lower, while traders seeking defined risk without posting excessive margin may prefer a put credit spread using the $105.00/$95.00 September 2026 strikes to cap downside exposure and collect premium within the prevailing neutral-to-bearish flow.