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Large $34,000 WULF Call Spread: 4.3% Gain as Stock Climbs 4.93%
A notable options trade hit the tape on Terawulf (WULF) this week, with a 1,000-lot call spread position standing out thanks to its size and speed of return. Between 10:03:08 and 11:00:00 on April 9th, a call spread expiring June 18, 2026, traded at a VWAP of $0.68. The spread's value climbed to $0.71 within the hour—yielding a swift 4.3% gain as WULF’s share price rose from $18.93 to $18.94.
Trade Breakdown: Key Details Highlight Opportunity and Risk
| Trade Detail | Data |
|---|---|
| Expiration Date | Jun 18, 2026 |
| Strike Prices | 20/22 Call Spread |
| Number of Contracts | 1,000 |
| Premium Paid | $0.68 VWAP |
| Current Spread Price | $0.71 |
| Gain Since Trade | +0.03 (+4.3%) |
| Total Cash Outlay | $34,000 |
| Potential Max Payout | ~$66,000 |
| Stock Reference Price (Trade Time) | $18.93 |
| Days to Expiration | 70 |
- The trader paid over $34,000 for this position, aiming for a possible $66,000 profit if WULF closes above $22 at June expiration.
- For more details, explore the WULF multi-leg trade analyzer.
Technical Indicators Are Bullish: WULF Outperforms SPY Across All Timeframes
Few stocks can match WULF's torrid pace over the last year—with a jaw-dropping 737.2% surge compared to SPY's 37.4%. Over every major time frame in 2024, WULF has also posted double or triple the gains of SPY, punctuated by today’s 4.93% rally that breaks above daily resistance levels.
| Duration | WULF Return | Range (Low-High) | SPY Return |
|---|---|---|---|
| Today | +4.8% | 18.14 - 19.21 | -0.2% |
| 2 Week | +12.2% | 13.20 - 19.21 | +2.8% |
| 1 Month | +37.6% | 13.02 - 19.21 | +0.7% |
| 3 Month | +47.4% | 11.74 - 19.21 | -1.8% |
| 6 Month | +53.8% | 10.47 - 19.21 | +0.8% |
| 1 Year | +737.2% | 2.06 - 19.21 | +37.4% |
| YTD | +64.7% | 11.55 - 19.21 | -0.8% |
| 3 Year | +1793.9% | 0.89 - 19.21 | +70.2% |
The current stock price of $18.94 represents a strong break away from key moving averages:
- Price is 22.1% above the 20-day moving average and 23.1% above the 50-day average—a sign of sustained upside momentum.
- The uptrend is further confirmed as moving averages themselves are well above longer-term averages (52.2% above the 250-day average).
- 52-week low was $2.24 (April 2025), while the 52-week high was just $18.05—WULF now trades well above these levels.
- For a visual scan of call spread opportunities, see the Multi-Leg Option Trades Screener.
Option Skew Indicators: Market Posture Leans Slightly Bullish
Implied volatility skew sits at a 56% rank—slightly bullish on the proprietary scale. This indicates above-average optimism in option markets, though not an extreme. Skew measures how much more traders are willing to pay for calls versus puts, and current readings suggest market participants expect continued upside but are not fully euphoric.
Takeaway: Option Flow and Momentum Point to Bullish Sentiment—With Defined Risk
The $34,000 bet on the 20/22 call spread gives the buyer a shot at nearly doubling their money—if WULF continues its charge over the coming two months. With technical indicators confirming a powerful uptrend and slightly bullish option sentiment, all eyes may be on whether WULF can clear $22 by expiration—turning this calculated risk into hefty reward.
While the rationale behind large option trades is never certain, the structure and timing of this call spread align with broader bullish signals. Investors tracking multi-leg options activity in fast-moving names like WULF can use tools like the multi-leg trade analyzer or option trade screeners to spot similar setups—or simply to keep an eye on where the market’s bold bets are being placed next.
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Marketchameleon is a comprehensive financial research and analysis website specializing in stock and options markets. We leverage extensive data, models, and analytics to provide valuable insights into these markets. Our primary goal is to assist traders in identifying potential market developments and assessing potential risks and rewards.
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