Circle Internet closed at USD89.00, down 4.30%.
Despite the daily decline, options flow revealed a distinctly bullish undercurrent. The session was highlighted by a block of 1,300 long calls in a deep-dated, already in-the-money strike, along with short put positioning at lower strikes. Together, these trades reflected confidence in continued upside rather than a defensive hedge against the pullback.
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Options Indicators
Circle Internet has an implied volatility of 75.23%, while its IV percentile is just 7.57%, indicating that although the absolute IV level appears high, it sits near the low end of its own historical range. In other words, current option pricing is relatively cheap versus its past volatility environment, and the IV/HV ratio of 0.71 further suggests implied volatility is running below realized volatility, pointing to comparatively low volatility pricing rather than an overheated options market.
The Call/Put volume ratio is 1.84.
Large Trades
A call purchase worth $955,500 was the standout large trade, with 1,300 contracts bought in the October 16, 2026 $85.00 call. With CRCL referenced at $89.00, this contract was already in the money at the time of the trade, which makes the positioning more conviction-driven than a far-out speculative lottery ticket. The buyer paid premium to secure upside exposure above the strike into a long-dated expiry, signaling a bullish directional view and a willingness to commit meaningful capital for continued appreciation rather than simply harvesting short-term volatility.
Overall, the large-trade flow was clearly bullish. The dominant trade was an in-the-money long call purchase, while the additional notable flow consisted of put selling at lower strikes, which also aligns with constructive sentiment by expressing comfort with downside levels and a willingness to be long on weakness. Taken together, the bulk-order activity points to traders positioning for upside continuation and showing confidence that CRCL can hold above lower support zones rather than preparing for a bearish reversal.
Strategy Reference
For a low assignment probability, a put seller could consider the October 16, 2026 $60.00 strike, while a less capital-intensive bullish alternative is a call spread using the $85.00 and $100.00 strikes.
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