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 April 2, 2026. A newer flow report is available for May 14, 2026.
View latest reportFlow Verdict
Watch next session: Spot vs. $75-$80 range (key battle zone); Follow-through on $65-$69 put block activity; Any call buying at $85+ to challenge resistance
Flow Summary
Net premium: -$7.1M bearish
P/C volume ratio: 1.26 — put-dominant
P/C OI ratio: 1.00 — neutral positioning
Notable Prints
Read-through: High volume relative to OI and elevated IV (96.3%) strongly suggest purchase. This strike is ~17% below spot, targeting a swift move lower within 8 days. It's the centerpiece of a cluster of bearish bets in the $65-$69 zone for 4/10 expiry.
Read-through: Even higher IV (101.4%) confirms these are almost certainly purchases. This strike, ~21% below spot, represents a more aggressive downside target for the same expiry, complementing the $68 Put flow. The clustering of activity suggests a structured bearish bet, not isolated noise.
Read-through: Another high-IV print in the $65-$69 cluster. The volume across multiple adjacent strikes for the same expiry is characteristic of institutional bearish positioning, either as a put spread or multiple outright purchases to target a zone rather than a single price.
Read-through: Extremely high IV (161.3%) and strike ~64% above spot make this an outlier. The size suggests it's not retail noise. This could be a cheap, speculative bet on a catastrophic drop, or more likely, a leg of a complex options structure (e.g., a ratio spread) where this put is sold to finance other positions.
Read-through: The only notable call print. IV of 72.4% is lower than the put prints but still elevated. In the context of overwhelming put flow, this is more likely a speculative long call against the trend or, more plausibly, a short call as part of a bearish call spread or to finance put purchases elsewhere.
Institutional Positioning
Call additions: Minimal. Slight activity at $85-$100 strikes, but dwarfed by put flow. The $95 Call (4/10) is an outlier.
Put additions: Concentrated in the $65-$69 strike zone for 4/10 expiry. This is a clear shift from the prior week's focus on $64 and longer-dated $55 puts. Institutions are now targeting a nearer-term breakdown.
GEX/DEX consistency: Yes — Positive GEX (+$10.2M) indicates a pinning/mean-reverting regime. This conflicts with the bearish directional flow, suggesting a battle between dealer hedging (resisting a large move) and institutional bearish bets.
OI clusters: Major Put OI: $35 (67,703 - legacy), $70 (45,677). Major Call OI: $100 (45,539), $130 (38,508), $150 (36,693). The $70 Put OI is now a critical near-term support level, aligning with the flow target. Call walls remain far OTM ($100+).
Hedging evidence: Strong evidence continues. The clustered put buying at $65-$69 (4/10) is classic institutional hedging or directional betting, defining a clear downside target zone just below the $70 OI support.
Max pain context: Spot ($82.24) is at the near-term max pain ($83 for 3/27, $76 for 4/2). This creates a strong gravitational pull to keep price within the $76-$83 range, directly opposing the bearish flow targeting sub-$70. The falling MP trend ($83 → $75) over future expiries is a bearish structural signal.
Signal vs Noise
Key Conclusions
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