CoreWeave, Inc. closed at USD 80.93, down 1.12% from the prior session.

Large options trades in CoreWeave, Inc. (CRWV) painted a mixed picture, with a major bearish synthetic put combination standing out against a substantial bullish put sale. While one institutional trader sold downside protection worth $1.93 million, the most significant risk-defined block activity leaned negative, leaving the dominant tone in bulk orders cautious to bearish on the stock.

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Options Indicators

CRWV’s implied volatility is 72.55%, but its IV percentile is just 0.79%, which indicates that while the absolute IV level looks high, it sits near the bottom of its own historical range. In other words, current option pricing is on the cheap side and volatility is relatively subdued versus where this name has typically traded. With an IV/HV ratio of 0.81, implied volatility is also running below historical volatility, suggesting the options market is pricing in less future movement than the stock has recently realized.

The Call/Put volume ratio is 1.70.

Large Trades

A synthetic put position with a net credit of $90,000 stood out as the largest displayed combination trade, pairing the sale of 2,000 June 17, 2027 $120.00 calls with the purchase of 2,000 June 17, 2027 $65.00 puts. With the stock reference at $80.93, the short call was out of the money and the long put was also out of the money, creating a bearish synthetic structure that benefits from downside expectations over the longer term while still taking in premium upfront. The trader’s willingness to sell upside exposure at a higher strike and simultaneously buy downside protection points to a clearly negative directional view on CRWV rather than a simple income trade.

A put sale worth $1.93 million was the other key displayed block, involving the sale of 1,006 September 17, 2027 $75.00 puts. With CRWV trading at $80.93, the strike sat out of the money, making this a moderately bullish position that expresses confidence the shares can remain above that level into expiration, while also positioning the seller to collect premium or potentially accumulate stock at an effective entry below the current market. Even so, the broader large-trade picture still leans bearish, as the most significant risk-defined institutional positioning was the synthetic put and the overall balance of block activity favored downside exposure, suggesting that while some traders are comfortable underwriting lower strikes, the dominant tone in bulk orders remains cautious to negative on CRWV.

Strategy Reference

For traders seeking low assignment probability, selling the September 17, 2027 $55.00 put may offer a wider cushion below the synthetic put’s $65.00 strike, while a bear put spread using the $80.00 and $65.00 strikes could define risk more tightly if avoiding the margin requirement of a naked synthetic short.