A significant options trade has been detected for CRCL, showing unusually bullish sentiment into market close. An options trader bought 200 contracts of the $180 strike Call expiring on July 18, 2025. Premium stood at $55.55 for each contract, with the stock trading at $235.48 at the time of the trade. This positions the trade deep in-the-money, amplifying the directional conviction. The total premium paid amounts to $1.11 million, a sizable bet suggesting confidence in sustained upside.
Notably, the volume of 1,823 contracts dwarfs the open interest of 713. This imbalance yields a V/OI ratio of approximately 2.56. Typically, this indicates fresh positioning and new bullish sentiment entering the market. With under a day left to expiration, this ultra short-dated option gives the trader a few hours for the thesis to play out. The order type is marked as a Split, and the side is listed as “Above”. This reinforces the call buyer’s expectation for CRCL to remain above the strike price. The trade suggests that sophisticated market participants are positioning for continued strength in CRCL throughout the trading day.
Volume and Open Interest Data
The attached image shows a notable surge in volume for the CRCL 180C 07/18/2025 call option. On July 18th, 2025, volume spiked to 2,424 contracts, while the open interest remained at 713. This discrepancy suggests a large influx of new call buyers, as volume exceeding open interest typically indicates the initiation of fresh positions rather than closing existing ones. The volume/open interest ratio (V/OI) is approximately 3.4, which reinforces the idea of aggressive new bullish activity.
The option closed at $44.73, which aligns closely with the price trajectory shown in the chart, depicting strong price momentum in conjunction with the volume spike. This unusual volume paired with stagnant open interest signals speculative bullish positioning rather than profit-taking or unwinding. This is reinforced by the fact that the trade expires by market close.
Trade Side Distribution
The trade side distribution for the CRCL 180C 07/18/2025 call option reveals a mixed sentiment with a bearish lean. Of the total trades executed, 66% ($2.2 million) were transacted on the bid side, suggesting potential selling pressure or closing activity. 34% of trades ($1.1 million) were executed above the ask. This indicates aggressive buying interest. Notably, no trades occurred at the ask, mid, or below-market levels, making this a clear two-sided battle between buyers and sellers.
The fact that a significant portion still went off above the ask price implies institutional interest or urgency behind those buys. However, the dominant bid-side activity could suggest profit-taking or bearish hedging by other (or the same) market participants. Overall, while there is some bullish aggression, the majority of volume leans toward selling, reflecting a cautiously mixed outlook among traders.
More Notable Options Trades Observed
Additional bullish sentiment was detected amongst next month’s contract as a notable block trade on CRCL options surfaced. The trade was a Put option with a strike price of $240 expiring on August 15, 2025. The trade involved 499 contracts sold at $30.80 per contract, amounting to a total premium of approximately $1.5 million. With CRCL trading near $239.84 at the time, this put was executed at-the-money, suggesting a strategic move rather than a speculative one.
The trade hit the bid side, suggesting urgency to enter a bullish position on CRCL. This trade could either reflect a possible bet that CRCL will stay above $240 or be a part of a more complex position. The volume (580) significantly exceeds the open interest (164), resulting in a V/OI ratio of ~3.5. This strongly suggests new positioning. Given the size and block execution, this was likely an institutional trade with a defined outlook or income-generating strategy in mind.
What’s Happening with Circle
CRCL saw a notable move higher today following news that Congress passed a major piece of crypto legislation. The approval by Congress signaled increasing regulatory clarity for the digital asset space. As a company tied closely to crypto infrastructure and blockchain technologies, CRCL reacted positively to the development. Its stock rose sharply in today’s session in wake of the news.
The market appears to be pricing in a more favorable environment for crypto-related firms. CRCL (alongside COIN) is benefiting from renewed investor interest as regulatory uncertainty diminishes. This momentum aligns with recent bullish options activity, further supporting the view that institutional sentiment may be shifting in CRCL’s favor.
About Circle
Circle Internet Financial (ticker: CRCL) is a global financial technology company best known as the issuer of USDC (USD Coin). USDC is one of the world’s largest regulated stablecoins. USDC is a fully-backed digital dollar pegged 1:1 to the U.S. dollar and widely used across decentralized finance (DeFi), crypto exchanges, and traditional financial systems for fast, transparent value transfer.
Circle provides the infrastructure to bridge traditional banking and blockchain-based systems. It offersAPIs and platform services for businesses to integrate digital currency transactions. The company plays a central role in the digital economy, emphasizing regulatory compliance, transparency, and interoperability. Following its recent IPO, Circle has positioned itself as a leader in digital financial infrastructure and a key player in the mainstream adoption of stablecoins.
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Disclaimer: Options trading involves significant risk and is not suitable for all investors. You may lose the entire investment, and certain strategies may result in losses exceeding the initial amount invested. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice. Always consult a financial or tax advisor before making investment decisions.
