CoreWeave, Inc. closed at $106.29, down 1.34%.
A wave of bullish conviction swept through CRWV options, with large traders deploying $5.60 million into deep in-the-money calls at the $90.00 and $100.00 strikes for 2026, while bearish large-trade flow was completely absent, creating a net bullish delta of $5.60 million and signaling strong directional confidence.
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Options Indicators
CRWV’s implied volatility stands at 79.85%, but its IV percentile is only 7.97%, which indicates that while the absolute IV level appears high, it is still near the low end of its own recent range. Combined with an IV/HV ratio of 0.58, options look relatively cheaply priced versus the stock’s realized volatility, suggesting the current premium level reflects subdued implied volatility conditions rather than an overheated options market. The Call/Put volume ratio is 1.85.
Large Trades
A CALL purchase worth $2.81 million was the largest displayed trade, with 1,005 contracts bought on the September 18, 2026 $90.00 strike. With CRWV referenced at $106.29, this call was already in the money, which makes the trade a clearly bullish expression with intrinsic value support rather than a far-out speculative swing. The buyer appears to be positioning for continued upside over a longer-dated horizon, using deep participation in a lower strike call to gain leveraged exposure while reducing some of the decay and probability risk associated with out-of-the-money contracts.
A CALL buy worth $2.35 million was the other highlighted large trade, consisting of 2,459 contracts purchased on the August 21, 2026 $100.00 strike. This call was also in the money versus the $106.29 reference share price, signaling another bullish stance with a strike close enough to spot to benefit from additional upside while still retaining meaningful intrinsic value. Strategically, this looks like a directional upside bet for the medium term, with the buyer seeking continued appreciation in CRWV rather than pursuing premium collection or downside protection.
Overall sentiment was decisively bullish, with total bullish large-trade flow at $5.60 million versus $0.00 million bearish, leaving a net difference of $5.60 million to the upside. The directional judgment is clearly bullish, as all large trades were call purchases and both displayed headline trades were in-the-money buys, indicating traders were willing to commit meaningful capital to upside exposure with real intrinsic value rather than hedged or neutral structures.
Strategy Reference
For traders seeking to sell premium on this bullish backdrop, the far out-of-the-money $150.00 call expiring in September 2026 offers a low probability of assignment while collecting elevated theta; alternatively, a bull call spread using the $100.00 and $120.00 strikes could reduce upfront capital outlay while maintaining upside participation.
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