CoreWeave, Inc. finished session at USD 67.30, a decrease of 4.93% from the previous close, after trading between USD 64.63 and USD 69.18 on volume of about 29.73 million shares.
A heavyweight $10.47 million bull put spread dominated the options flow, as a trader sold $60 puts and bought $35 puts expiring December 2028, signaling a measured bullish conviction that the stock can hold above $60 over the long term amid exceptionally rich premium levels.
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Options Indicators
CRWV’s implied volatility is 114.72%, and with an IV percentile of 92.83%, current option volatility is clearly in an elevated regime. That means options are priced expensively relative to the stock’s own recent history, with the market embedding very large near-term movement expectations. The IV/HV ratio of 1.23 also indicates implied volatility is running above realized volatility, reinforcing the view that premium levels are rich rather than cheap. The Call/Put volume ratio is 1.84.
Large Trades
A bullish put spread worth $10.47 million was the largest displayed trade, built by selling 3,000 December 15, 2028 $60.0 puts and buying 2,500 December 15, 2028 $35.0 puts, with both strikes out of the money versus the $67.3 reference stock price. This is a classic bull put spread entered for a net credit, indicating a premium-collection strategy with a bullish bias: the trader appears to be expressing confidence that CRWV can remain above the higher $60.0 strike over time, while the long $35.0 put helps define downside risk and caps losses if the stock falls sharply.
A put sale worth $0.41 million in the September 18, 2026 $50.0 strike was the other displayed large trade, with 1,250 contracts sold at an out-of-the-money strike. As a single-leg short put, it reflects a bullish stance, since the seller benefits if CRWV stays above $50.0 into expiration and the option expires worthless. Strategically, this points to either outright premium collection or a willingness to accumulate shares at an effective lower entry level if assigned.
Overall large-trade sentiment leans bullish, with $10.88 million in bullish flow against $7.19 million in bearish flow, for a net bullish difference of $3.69 million. The directional judgment is moderately bullish rather than aggressively so: the strongest positive signal came from the very large long-dated bull put spread, while the supporting short put sale also favored downside stability above lower strikes. At the same time, the broader tape still contained several sizable bearish call sales, which tempers the outlook and suggests the market is constructive on downside support but remains cautious about upside acceleration.
Strategy Reference
For traders seeking to capitalize on elevated IV, selling the out-of-the-money $50.0 put in the nearer term offers a low assignment probability, while the bull put spread structure provides a defined-risk alternative for those looking to avoid the margin requirements of a naked short put.