CoreWeave closed at $89.62, up 1.19%.

Options flow displayed a bifurcated tone, with the largest trade a $3.85 million sale of long-dated $135 calls and a $2.00 million purchase of $75 puts. These two blocks suggest large players are actively collecting premium against extreme upside while simultaneously paying for downside protection, even as broader flow leans modestly bullish.

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Options Indicators

CoreWeave’s implied volatility stands at 77.28%, while its IV percentile is just 5.58%, indicating that although absolute volatility remains high, current option pricing sits near the low end of its own recent range. With an IV/HV ratio of 1.11, implied volatility is only modestly above realized volatility, reinforcing the view that options are currently cheaply priced rather than carrying a substantial premium.

The Call/Put volume ratio is 1.94.

Large Trades

A CALL sale worth $3.85 million was the largest displayed trade, with 2,000 contracts sold at the 135.0 strike expiring on 2028-01-21. With CRWV at $89.62, this call sits out of the money, making it a bearish-to-capped-bullish income trade that most directly signals skepticism about a sharp upside move through that strike over the long term. Strategically, selling an OTM call at this size typically reflects premium collection and a willingness to fade upside convexity, which gives this block a clearly cautious tone despite the distant expiration.

A PUT purchase worth $2.00 million was the other key large trade, consisting of 3,000 contracts bought at the 75.0 strike expiring on 2027-01-15. With the stock above the strike at $89.62, this put is also out of the money, so the buyer is paying premium for downside protection or a directional bearish view on a meaningful decline over time. The structure is straightforwardly defensive or speculative to the downside, and the size of the premium committed suggests conviction that downside risk remains relevant even after choosing a strike materially below the current share price.

Overall, the large-trade flow leans modestly bullish, but the tone is mixed rather than aggressively one-sided. The broader order set shows repeated put selling and selective call buying that together point to investors being generally comfortable with downside levels and still willing to position for upside, yet the two biggest displayed trades are both bearish in character, led by a sizable long-dated OTM call sale and a notable OTM put purchase. Taken together, the conclusion is cautiously bullish overall, but with clear evidence that larger players are still actively hedging or leaning against extreme upside, which tempers the constructive outlook.

Strategy Reference

For a low assignment probability, a seller could consider the 20-delta out-of-the-money call in a nearer expiration, while traders wary of margin on naked calls might deploy a bear call spread such as selling the $135 call and buying a higher strike against it.