CRWV
CoreWeave, Inc.Close $99.81EOD onlyThis page reflects CRWV options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from March 31, 2026. A newer flow report is available for May 14, 2026.
View latest reportFlow Verdict
Watch next session: $64 Put (4/10) OI growth; Spot vs. $75 level (4/2 max pain); Any call buying at $80+
Flow Summary
Net premium: -$16.0M bearish
P/C volume ratio: 1.70 — put-dominant
P/C OI ratio: 1.01 — neutral positioning
Notable Prints
Read-through: Massive volume relative to OI at a key technical level (~17% below spot). The high IV suggests this is a purchase, not a sale, aligning with the bearish flow regime.
Read-through: Significant volume in a far-dated, deep OTM put. This is a defined-risk bet on a ~29% decline over 6+ months, consistent with a strategic bearish or hedging posture.
Read-through: High IV suggests these are likely purchases. However, given the dominant bearish flow, these could be speculative upside bets against the trend or part of more complex structures (e.g., call spreads financed by put sales).
Read-through: Lower IV (70.2%) compared to other puts suggests this could be a sale (put writing for income). However, its proximity to spot and the overall flow context lean toward it being a purchase as part of the bearish positioning.
Read-through: Extremely low IV suggests this is not a volatility play. Likely a closing trade, roll, or hedge against existing long stock position ahead of the 4/2 expiration.
Institutional Positioning
Call additions: Minimal. Some activity at $81 (4/2) and $90 (5/1), but dwarfed by put flow.
Put additions: Concentrated in $55-$74 strikes across April and October expirations. The $64 Put (4/10) is the standout institutional-sized bearish bet.
GEX/DEX consistency: Yes — Negative GEX (-$263K) confirms the pro-cyclical, bearish flow regime. Dealers are short gamma, which can amplify downward moves.
OI clusters: Major Put OI: $35 (67,689), $70 (45,446), $62 (40,621). Major Call OI: $100 (45,613), $130 (38,503), $150 (36,696). These create a wide, fragmented resistance zone ($100-$150) and defined support at $62 and $70.
Hedging evidence: Strong evidence. The $64 Put (4/10) and $55 Put (10/16) prints are classic institutional hedging patterns — high volume, low existing OI, targeting specific downside levels.
Max pain context: Spot ($77.47) is significantly below near-term max pain ($83 for 3/27, $76 for 4/2). This creates a gravitational pull *upward* toward $83, which conflicts with the bearish flow. Watch for a battle between flow-driven selling and pinning mechanics.
Signal vs Noise
Key Conclusions
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