CoreWeave closed at USD 87.39, down 2.49%.

Despite the daily pullback, CoreWeave’s options tape flashed a strongly bullish signal, headlined by a USD 3.67 million long-dated call purchase and a USD 603 thousand bull put spread opened for credit. The largest trade targeted the 125.0 call expiring 2027-06-17, while the put spread leaned bullish with short 90.0 puts, together reflecting conviction that downside risk will remain contained and upside can accelerate.

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Options Indicators

CoreWeave’s implied volatility stands at 77.10%, and with an IV percentile of just 5.58%, that volatility level sits near the low end of its own historical range, indicating options are currently cheaply priced rather than expensive. The IV/HV ratio of 1.15 suggests implied volatility is running modestly above realized volatility, so the options market is pricing in somewhat more movement than the stock has recently delivered, but overall the volatility backdrop still looks on the low side relative to its past.

The Call/Put volume ratio is 1.37, confirming that call activity is outpacing put activity, consistent with the bullish tone seen in the large-trade flow.

Large Trades

A bull put spread with a net credit of USD 603 thousand was one of the standout large trades, pairing the sale of 1,800 90.0 puts expiring 2026-10-30 with the purchase of 1,800 87.5 puts expiring 2026-10-16. With the 90.0 short put in-the-money against the USD 87.39 stock reference and the 87.5 long put also in-the-money, this is a premium-collecting bullish spread structure that suggests the trader is willing to take downside exposure above the lower strike while using the long put leg as protection. The net credit indicates the position was established to benefit from stability or upside in CRWV, with the trader expressing a constructive view while defining risk through the spread.

A call purchase worth USD 3.67 million was the single largest displayed trade, consisting of 3,150 contracts of the 125.0 call expiring 2027-06-17. With the strike well above the current USD 87.39 stock price, the option is out-of-the-money, making this a clear directional upside bet that seeks substantial appreciation over a long-dated horizon. The willingness to deploy large premium into far-out-of-the-money calls points to aggressive bullish conviction and a preference for leveraged upside exposure rather than defensive positioning. Overall, the large-trade flow in CRWV is decisively bullish, as the biggest orders were concentrated in upside call buying and a bullish put spread opened for credit, together indicating expectations for price strength and confidence that downside risk will remain contained rather than accelerate lower.

Strategy Reference

For a low assignment probability, a covered call seller could select the 110.0 strike expiring 2025-06-20, while traders preferring not to post too much margin may use a bull call spread such as buying the 95.0 call and selling the 110.0 call expiring 2025-07-18.