Circle Internet Corp. closed at $95.55, rising 9.65% from the prior close.
Despite the strong single-day gain, options flow showed a cautious tone. The session's headline trade was a $447,600 sale of 1,200 out-of-the-money calls at the $120.00 strike expiring on 2026-10-16. This dominant premium-selling activity, captured alongside other call sales above the current stock price, points to institutional traders positioning for limited upside and a bearish-to-neutral near-term outlook.
>>>Start OPTIONS trading & earn up to SGD 200 in rewards!
Options Indicators
CRCL's implied volatility stands at 83.81%, while its IV percentile is 26.69%, which places current volatility in the lower end of its own recent range and suggests options are relatively cheaply priced rather than expensive. With an IV/HV ratio of 1.21, the options market is still pricing in somewhat more forward volatility than the stock has recently realized, but overall the percentile reading indicates volatility conditions are on the low side for this name.
The Call/Put volume ratio is 1.98.
Large Trades
A call sale worth $447,600 was the highlighted large trade, with 1,200 contracts sold at the $120.00 strike expiring on 2026-10-16. With CRCL referenced at $95.55, this call was out of the money at the time of the trade, making it a bearish-to-neutral positioning that leans on the stock remaining below the strike into expiration. Strategically, an outright sale of upside exposure at an out-of-the-money strike typically reflects premium collection and a view that near-to-medium-term upside may be limited rather than an expectation of a sharp rally.
Overall, the large-trade flow in CRCL was clearly bearish. The full bulk-order picture was entirely dominated by call selling, with both notable trades positioned above the current stock price, indicating repeated willingness to fade upside and collect premium rather than pay for bullish exposure. That pattern points to cautious sentiment around further appreciation and suggests institutional-sized traders were positioning for capped upside and a weaker directional outlook.
Strategy Reference
For premium sellers looking to mirror the institutional flow with lower assignment probability, the $110 strike call expiring in the shorter monthly or quarterly cycle offers a narrower margin buffer and reduced overnight premium risk compared with a naked short sale at $120.