NEBIUS closed at USD 255.04, down 1.60%. The session was marked by a decisive bearish options flow, headlined by a $3.68 million double-long put combination. Institutional traders aggressively purchased downside protection while total bullish flow registered zero, leaving a bearish sentiment that was both absolute and overwhelming. This concentrated put buying stands out as a clear signal that large players are positioning for a significant downward move in the underlying shares.

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Options Indicators

NBIS is showing an implied volatility of 103.39%, while its IV percentile stands at 59.76%, which places current volatility conditions in a neutral historical range rather than an extreme one. Even though the absolute IV level is very high, the percentile suggests this is not especially stretched relative to the stock’s own recent volatility history, so options appear more fairly valued than outright cheap or expensive. At the same time, the IV/HV ratio of 0.55 indicates implied volatility is running below realized volatility, implying the options market is not fully pricing in the magnitude of recent actual movement. The Call/Put volume ratio is 1.19.

Large Trades

A bearish same-direction double-long put combination with a net debit of $3.68 million was the standout large trade. The position bought 2,000 Sep. 18, 2026 $210.00 puts and 2,000 Sep. 18, 2026 $200.00 puts, both out of the money versus the $255.04 reference stock price. As a double put purchase, this is a directional volatility bet established for net debit, pointing to expectations of a meaningful downside move over time rather than premium collection. The use of two lower strikes in the same expiration suggests the trader was positioning for a sizable bearish swing while spreading exposure across downside levels.

Overall sentiment was clearly bearish, with total bullish large-trade flow at $0.00 million versus bearish flow at $3.70 million, leaving a net difference of $3.70 million to the bearish side. The conclusion is decisively negative: large-trade activity was entirely concentrated in put buying, led by a sizable longer-dated double-long put structure and reinforced by an additional $0.02 million purchase of the Aug. 21 $150.00 put. That pattern indicates traders were paying premium for downside exposure rather than selling volatility or expressing neutral income strategies, underscoring a market view tilted toward further weakness in NBIS.

Strategy Reference

For traders who agree with the bearish thesis but seek to define risk, a bear put spread using the Sep. 18, 2026 expiration could be considered to reduce cost and margin requirements relative to outright long puts.