CRWV Put Volume Jumps 26,079 Contracts as Stock Slides 17.09%
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In a session marked by volatility, CoreWeave (NASDAQ: CRWV) stock nosedived $27.88 (17.09%) to $135.22. The spotlight today is on the Jun-06-25 140 Put contract, where trading exploded to 26,079 contracts—representing 5.9% of all options volume. As bearish bets accelerate, traders are questioning whether this wave of put buying is bracing for deeper declines—or simply reacting to the sharp selloff.
Breakdown of Key Jun-06-25 140 Put Activity
| Contract | Volume | % of Total Volume | VWAP ($) | High Trade Price ($) | Low Trade Price ($) | Last Trade Price ($) |
|---|---|---|---|---|---|---|
| Jun-06-25 140 Put | 26,079 | 5.9% | 4.65 | 9.83 | 1.89 | 9.00 |
Implied Volatility Slides Nearly 20% Even as Option Activity Surges
What stands out in today's trading is the dynamic in implied volatility (IV). The average implied volatility for the 140 Put finished at 156.5, down 19.9% from yesterday's close. Yet, with the volume so high and the stock plunging, you’d typically expect IV to rise. Instead, traders sold options volatility into the spike, possibly betting on mean reversion or volatility cooling after today’s news-driven shock.
| Previous IV (%) | Opening IV (%) | Low IV (%) | High IV (%) | Last IV (%) |
|---|---|---|---|---|
| 173.6 | 152.7 | 114.9 | 165.5 | 156.5 |
Order Flow: Majority Retail Driven and Mostly Buys
Order flow paints a telling picture: 60.2% of Jun-06-25 140 Put contracts were bought versus 39.8% sold. Retail traders dominated the action, accounting for 63% of trades, with professionals making up 37%. Open interest increased by 5,031 contracts overnight to 9,601, confirming new positions are being established rather than closed.
| % Bought | % Sold | % Large/Pro | % Retail | OI Change |
|---|---|---|---|---|
| 60.2% | 39.8% | 37% | 63% | +5,031 |
Technical Backdrop: Sharp Drop Follows Record MLPerf Results Announcement
Ironically, the day’s price action came immediately after news of a blockbuster collaboration between CoreWeave, NVIDIA, and IBM. The trio submitted the largest-ever MLPerf AI training benchmark, deploying 2,496 NVIDIA GB200 GPUs and halving training times on complex models. Despite the technical triumph and the clear lead in AI infrastructure, the stock’s steep decline hints at sell-the-news sentiment, profit-taking, or broader concerns about valuation.
Main Takeaway: Options Activity Suggests Short-Term Caution Despite Strong Fundamental News
When 26,079 contracts—over half the prior day’s open interest—trade hands in a single session on one put strike, the market is sending a message. Even as IV falls, suggesting traders expect less dramatic future moves, the outsized retail-driven put buying may reflect a rush to hedge existing positions or speculation on further downside in the coming days. With today’s news unlikely to surprise sophisticated players, retail sentiment seems to be in the driver’s seat.
Bottom Line: While CoreWeave’s technical achievements with NVIDIA and IBM are impressive, today’s market action highlights that even blockbuster headlines can be overwhelmed by market psychology, profit-taking, or macro fears. Traders should keep a close eye on follow-through put activity, volatility trends, and any shifts in professional versus retail flow to gauge if this move signals the start of a bigger story or just a post-news retracement.
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