CoreWeave, Inc. closed at USD 80.92, down 2.48%.

Options activity in CoreWeave displayed a pronounced bearish tilt, dominated by a $5.80 million long-dated put purchase. This aggressive downside positioning significantly outweighed a smaller $2.10 million put sale, even though implied volatility sits near the low end of its historical range. The block tape points to institutional conviction in protecting against or profiting from a substantial decline rather than chasing upside, with both large trades concentrated at the $60.00 strike across post-2028 expirations.

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

Options Indicators

CRWV’s implied volatility is 79.69%, while its IV percentile is just 7.97%, which indicates that although the absolute IV level appears high, it sits near the low end of its own historical range. In other words, current option pricing is relatively cheap compared with where this name’s implied volatility has typically traded, and the IV/HV ratio of 1.01 suggests implied volatility is broadly in line with realized volatility rather than carrying a meaningful premium. The Call/Put volume ratio is 1.31.

Large Trades

A put purchase worth $5.80 million was the largest displayed trade, with 3,000 contracts bought on the December 15, 2028 $60.00 put. With CRWV referenced at $80.92, this strike sits out of the money, making it a downside bet that only gains intrinsic value if the stock falls materially below $60.00 by expiration. As a long-dated put buy, it signals a clearly bearish stance and may also reflect portfolio protection against a prolonged drawdown, with the buyer paying significant premium for convex downside exposure over a multi-year horizon.

A put sale worth $2.10 million was the other displayed large trade, with 1,500 contracts sold on the January 21, 2028 $60.00 put. This option is also out of the money versus the $80.92 reference price, so the seller is expressing a moderately bullish or at least support-oriented view that CRWV is likely to stay above $60.00 into expiration. Strategically, this trade points to premium collection and a willingness to assume downside assignment risk at a lower level, which is constructive in tone but less forceful than an outright upside chase.

Overall, the large-trade flow leans bearish. The dominant feature of the tape is aggressive put buying, especially the much larger long-dated $60.00 put purchase, which outweighs the smaller supportive signal from the short put sale. Taken together, the block activity suggests institutions are more focused on downside protection or positioning for weakness than on expressing confidence in sustained upside, leaving the broad sentiment skewed negative.

Strategy Reference

For traders seeking premium collection with a lower assignment probability, the $50.00 put in the January 2028 cycle offers a more conservative short-put entry below the displayed large-trade strike, while a bear put spread using the $60.00/$45.00 strikes could express a similar directional view to the block flow with reduced outright premium outlay and defined risk.