CRWV Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

8 / 10

base 5; +2 strong bearish net premium; +1 high P/C volume ratio; +1 GEX/flow alignment; -1 spot below MP (contrarian)

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

Aggressive put buying dominates flow, with significant net premium outflow. The high-volume, low-IV put prints suggest institutional hedging or directional bearish bets, outweighing the neutral OI positioning.

Notable Prints

CRWV 4/10 $64 Put

Vol: 20,976

OI: 224

Vol/OI: 93.6x

IV: 88.7%

Notional: ~$1.34M

Intent: Fresh directional put buying or large-scale hedge

Dual read: Bought to open (bearish) vs. sold to open (bullish/income)

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.

CRWV 10/16 $55 Put

Vol: 2,809

OI: 103

Vol/OI: 27.3x

IV: 84.3%

Notional: ~$0.16M

Intent: Long-dated protective put or bearish bet

Dual read: Bought to open (bearish) vs. sold as part of a spread

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.

CRWV 4/2 $81 Call

Vol: 3,326

OI: 1,971

Vol/OI: 1.7x

IV: 96.0%

Notional: ~$0.27M

Intent: Short-dated upside speculation or spread leg

Dual read: Bought (bullish breakout) vs. sold (neutral/bearish income)

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).

CRWV 4/10 $74 Put

Vol: 1,865

OI: 348

Vol/OI: 5.4x

IV: 70.2%

Notional: ~$0.14M

Intent: Near-the-money put purchase (hedge or directional)

Dual read: Bought (bearish) vs. sold (bullish/income)

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.

CRWV 4/2 $77 Put

Vol: 1,567

OI: 589

Vol/OI: 2.7x

IV: 49.3%

Notional: ~$0.12M

Intent: Very short-dated, ATM/ITM put activity

Dual read: Hedge, roll, or assignment-related

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

~The $77 Put (4/2) with 49.3% IV is likely noise — a closing trade or assignment-related flow, not a new directional signal.

~High OI at deep OTM strikes ($35 Put, $150 Call) is largely legacy positioning and not reflective of recent flow. These are not active trading levels.

~Some of the call volume (e.g., $81 Call) could be legs of put spreads (e.g., selling calls to finance put purchases) rather than outright bullish bets.

Key Conclusions

🐻Net premium strongly bearish (-$16M) with high put/call volume (1.70)

🎯Institutional hedging evident in large $64 Put (4/10) and $55 Put (10/16) purchases

⚖️Conflict: Bearish flow vs. Bullish pin (spot below max pain). Watch $75-$83 battle zone.

🌀Negative GEX (-$263K) supports a trending, pro-cyclical regime that can exacerbate moves.

Read the Flow analysis for CRWV for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.