CRWV Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 sustained bearish net premium; +1 high P/C volume ratio; +1 GEX/flow alignment; -1.5 spot at/near max pain (contrarian pin risk)

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

Bearish flow persists but has moderated from the prior week's extreme. Net premium remains negative, and put volume leads calls. The flow is concentrated in near-term, OTM puts targeting a move below $70, while call activity is sparse and defensive.

Notable Prints

CRWV 4/10 $68 Put

Vol: 6,414

OI: 869

Vol/OI: 7.4x

IV: 96.3%

Notional: ~$0.53M

Intent: Fresh directional put buying or aggressive hedge

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

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.

CRWV 4/10 $65 Put

Vol: 6,399

OI: 774

Vol/OI: 8.3x

IV: 101.4%

Notional: ~$0.42M

Intent: Fresh directional put buying

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

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.

CRWV 4/10 $67 Put

Vol: 5,277

OI: 1,163

Vol/OI: 4.5x

IV: 98.7%

Notional: ~$0.35M

Intent: Directional put buying (part of a strike spread)

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

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.

CRWV 4/17 $135 Put

Vol: 1,487

OI: 501

Vol/OI: 3.0x

IV: 161.3%

Notional: ~$0.20M

Intent: Extreme OTM speculative put or part of a complex structure

Dual read: Bought (lottery ticket) vs. Sold (premium sale on tail risk)

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.

CRWV 4/10 $95 Call

Vol: 2,515

OI: 932

Vol/OI: 2.7x

IV: 72.4%

Notional: ~$0.24M

Intent: Upside speculation or call spread leg

Dual read: Bought (bullish breakout) vs. Sold (covered call or bearish call spread)

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

~The massive OI at the $35 Put (67,703) is almost certainly legacy positioning (e.g., from a capital raise, convertible hedge) and not active trading. It should be ignored for near-term flow analysis.

~The $135 Put (4/17) with 161% IV is likely a structural trade leg (e.g., sold to finance other positions) rather than a direct bearish bet on a >60% rally. The extreme IV makes a purchase for directional purposes highly improbable.

~High OI at deep OTM calls ($130, $150) is also legacy and not indicative of recent bullish sentiment. These are not resistance levels for current trading.

Key Conclusions

🐻Bearish flow persists with net premium outflow (-$7.1M) and put-dominated volume (P/C 1.26).

🎯Institutions are targeting a breakdown below $70, with concentrated put buying in the $65-$69 zone for 4/10 expiry.

⚔️Conflict: Bearish flow vs. Bullish pin (Positive GEX, spot at max pain). Expect a battle between $75 and $83.

📉The falling max pain trend ($83 → $75) across future expiries supports the bearish structural outlook.

Read the Flow analysis for CRWV for 2026-04-02. 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.