CoreWeave, Inc. closed at USD 82.98, down 6.75%.

The options tape was dominated by pronounced bearish positioning, led by a $6.03 million net debit double-put combination at the 35.00 strike and an additional $1.13 million outright long put at the 50.00 strike. Both trades involved far out-of-the-money strikes relative to the USD 82.98 spot reference, signaling institutional willingness to pay substantial premium for convex downside exposure over multi-year horizons.

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Options Indicators

CRWV’s implied volatility is 77.55%, while its IV percentile is just 5.18%, which indicates that although the absolute level of implied volatility is high, it sits near the low end of its own historical range. In other words, current option pricing appears relatively cheap compared with where this stock’s volatility has typically been priced in the past. With the IV/HV ratio at 1.02, implied volatility is also very close to realized volatility, suggesting options are being priced fairly in relation to recent actual movement rather than at a significant premium.

The Call/Put volume ratio is 1.32.

Large Trades

A bearish put-buying combination worth a $6.03 million net debit was the largest displayed trade, consisting of two long out-of-the-money 35.00 strike puts with different expirations, one expiring on 2028-12-15 and the other on 2028-01-21. With CRWV referenced at 82.98, both strikes sit far below the stock price, making this a same-direction double-put purchase aimed at a sizable downside move over time rather than an income trade. Because both legs are bought puts, this is best read as a directional volatility bet with downside conviction, where the trader is paying premium upfront for leveraged protection or speculation on a substantial decline.

A single-leg put buy worth $1.13 million added to the downside tone, with 2,000 contracts of the 50.00 put expiring on 2027-06-17 purchased outright. This strike is also out of the money versus the 82.98 spot reference, so the trade reflects a clear bearish view that CRWV could weaken materially before expiration. As a standalone long put, the intent is straightforward: pay premium today for convex downside exposure, either as a speculative bearish position or as portfolio hedge protection against a sharp drop.

Overall, the large-trade flow points clearly bearish. The most prominent activity was concentrated in outright put buying, including a very large multi-expiration put combination and an additional sizable long put position, both of which signal willingness to spend meaningful premium for downside exposure. While the broader tape does include some premium-selling activity, the dominant character of the bulk orders is still defensive to negative, suggesting institutional traders are positioning for weakness in CRWV rather than sustained upside.

Strategy Reference

For traders seeking to sell premium with a low assignment probability, the 50.00 put expiring on 2027-06-17 sits approximately 39.74% below spot, but given the heavy long put flow at that very strike, a more conservative credit call spread above the 90.00 strike may offer better risk-defined bearish exposure without competing against institutional put demand.