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Large Volume CIFR Call Spread Trade Sees Quick 31.7% Return on 24.9% Stock Surge
A sizeable call spread trade hit Cipher Mining (CIFR) options, capturing attention with its fast returns: a 2,002-contract spread traded at a VWAP of $0.35 is now worth $0.46, marking a gain of 31.7%—fueled by the stock's sharp 24.93% jump to $23.30. Let's break down the numbers, trade details, and what the current technical and market indicators are signaling for CIFR.
Trade Snapshot: 2,002 Contract Call Spread, 31.7% Gain in Under an Hour
On November 3, 2025, a large call spread—2,002 contracts wide—traded on the CIFR Nov 21, 2025 $23/$24 call strikes. Here's a detailed snapshot of the trade:
| Expiration | Strike Prices | Contracts | Days to Expiry | VWAP Price | VWAP Bid | VWAP Ask | Stock Price at Trade | Current Spread Price | Profit/Loss | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| 21-Nov-25 | 23/24 | 2,002 | 18 | $0.35 | $0.00 | $0.74 | $22.57 | $0.46 | $0.11 | 31.7% |
The buyers committed just over $35,000 for a shot at making roughly $66,000 if CIFR closes above $24 by expiration. After a surge from $22.57 to $23.30, this call spread has already rewarded its backers with a $0.11 gain per spread.
See CIFR multi-leg trades here
Option Strategy Implications: Betting on More Upside with Capped Risk
The $23/$24 call spread suggests traders are aiming for moderate upside in the short term—risking limited premium for potentially higher payout, but capping profits above $24. To hit maximum profit, CIFR needs to settle above $24 at expiration, just $0.70 higher than the current price. This structure often indicates confidence in near-term catalysts or technical breakouts, while limiting exposure to a pullback.
Stock Technicals Signal Strong Uptrend: Up 369.8% in a Year, Breaks Key Resistance
Nearly every technical metric points to exceptional momentum in CIFR shares:
- Today's stock price: $23.30 (up 24.93% on the day)
- Jumped 1.6% from open; broke above expected resistance at $20.24
- Now up 1152.7% from the 52-week low, just 5.9% off its 52-week high
- Well above 20-day (+24.9%), 50-day (+70.1%), and 250-day (+258%) moving averages
- 20-day/50-day MA gap: +36.2%, indicating a steep uptrend
Relative to the S&P 500 ETF (SPY), CIFR is dramatically outperforming in every tracked period:
| Duration | CIFR Return | SPY Return | CIFR Low | CIFR High |
|---|---|---|---|---|
| Today | +24.2% | -0.2% | 22.00 | 25.11 |
| 2 Weeks | +23.5% | +2.4% | 15.04 | 25.11 |
| 1 Month | +84.0% | +2.2% | 12.41 | 25.11 |
| 3 Months | +324.2% | +8.0% | 4.55 | 25.11 |
| 6 Months | +712.6% | +23.4% | 2.88 | 25.11 |
| 1 Year | +369.8% | +21.0% | 1.86 | 25.11 |
| YTD | +399.1% | +17.0% | 1.86 | 25.11 |
| 3 Years | +2193.1% | +81.6% | 0.38 | 25.11 |
Source: MarketChameleon.com, CIFR and SPY returns as of Nov 3, 2025.
Option Skew Indicators Show Slightly Bearish Tone
Despite explosive price action, option markets are flashing some caution: the proprietary skew indicator for CIFR's 30-day options is at 34% rank (with 100% being most bullish and 0% most bearish), signaling a slightly bearish bias versus the past year's range. This suggests some hedging or doubt around sustainability of the current rally—despite the ongoing call buying and technical uptrend.
Fundamental and News Catalysts Drive Interest
Underlying the surge are notable third-quarter results: $72M in revenue, $41M in non-GAAP adjusted earnings, and a 15-year, $5.5 billion data center campus lease with Amazon Web Services to support AI workloads. Additional joint venture announcements, major AI hosting contracts, and robust adjusted earnings have brought renewed focus and bullish positioning in CIFR. Management's commentary emphasized transformative deals and confidence in future growth, aligning with recent market excitement.
Key Takeaway: Short-Term Option Traders Aim for More Upside Amid Mixed Market Signals
To sum up: a high-volume call spread trade captured a quick 31.7% return as CIFR exploded nearly 25% higher—while technical indicators remain strong but options markets show some near-term caution. Traders should keep an eye on the $24 level through the November 21 expiry and consider the slightly bearish options skew when weighing the odds for more upside.
If you want to track more trades like this, check out the Multi-Leg Option Trades Screener for CIFR and other stocks.
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NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. Average returns and occurrences are calculated from snapshots of market mid-point prices and were not actually executed, so they do not reflect actual trades, fees, or execution costs. This report is for informational purposes only, and is not intended to be a recommendation to buy or sell any security. Neither Market Chameleon nor any other party makes warranties regarding results from its usage. Past performance does not guarantee future results. Please consult a financial advisor before executing any trades. You can read more about option risks and characteristics at theocc.com.
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Disclosure: This article was generated with the assistance of AI