CRWV Surges 23.54% as June 150 Calls Dominate: Option Volume Hits 22,719, Implied Volatility Jumps 6.6%
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Stock Soars 23.54% Amid Explosive Option Volume—Is This a Signal?
CRWV shares ripped higher by $28.30, or 23.54%, to $148.50 by 2:39 PM—easily one of the largest moves across the market today. But what’s grabbing just as much attention is the massive trading volume in one particular option: the Jun-06-25 150 call, where a staggering 22,719 contracts have changed hands. That single strike represented 6.2% of all options activity in CRWV today.
Jun-06-25 150 Call Trades Over 47x Open Interest as Implied Volatility Surges
The action in the Jun-06-25 150 call isn’t just a blip—it’s significant. Prior to today, open interest in this contract sat at just 1,033 contracts. That means volume exploded to nearly 22 times existing positions. Meanwhile, the price action was dramatic: the option opened at $1.05, hit a low of $0.55, but rocketed to a high of $9.20, and recently traded at $8.82—a jaw-dropping gain from yesterday’s close of just $0.48.
| Metric | Value |
|---|---|
| Stock Price | $148.50 |
| Option Contract | Jun-06-25 150 Call |
| Contract Volume | 22,719 |
| Open Interest (Prior Day) | 1,033 |
| Trade Price VWAP | $4.69 |
| Implied Volatility Change | +6.6% |
| Previous Day Close Price | $0.48 |
| Last Trade Price | $8.82 |
Implied Volatility Jumps to 139.5—Bullish Sentiment Leads the Flow
The trading frenzy didn’t just drive up prices. Implied volatility (IV) for this call leaped from 111.8% at yesterday’s close to 139.5% at last check, peaking as high as 144.8% during the day. This 6.6% spike in IV suggests heightened demand for upside exposure, possibly from traders anticipating further gains or hedging after the stock’s explosive rally.
Order Flow Leans Slightly Bullish with Strong Retail Involvement
Diving into the order flow reveals more: 56.9% of the volume was on the buy side, compared to 43.1% on the sell. Interestingly, small traders made up 57% of the flow, indicating retail investors were driving much of today’s action, while professional and large participants accounted for 43%. However, whether these were mostly opening or closing trades can’t be fully determined with the current data.
| Flow Type | Percent |
|---|---|
| Bought | 56.9% |
| Sold | 43.1% |
| Large/Pro | 43% |
| Retail/Small | 57% |
What Could This Mean for CRWV?—Key Takeaways
The outsized activity and rising volatility in the Jun-06-25 150 calls point to heightened expectations of further upside—or at least greater uncertainty. The mix of retail and professional traders, coupled with the IV jump, suggests a scramble for leverage after a historic single-day gain. While it’s unclear if the flow is positioning for continued momentum or locking in profits, today’s action will likely influence CRWV’s near-term volatility and could attract more attention to its options in coming sessions.
For traders and investors watching CRWV, the extraordinary call volume, coupled with a soaring stock and rising volatility, raises questions about what might be coming next. Whether this move signals continued momentum—or signals the potential for a sharp reversal—remains to be seen. One thing is clear: market sentiment and positioning around CRWV just shifted dramatically, and all eyes will be on how this story unfolds in the days ahead.
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