83% of Circle's options premium went to puts at a new 60-day low

Circle Internet Group's Class A shares (NYSE: CRCL) traded near $62.7 at midday after printing a new 60-day low of $60.56, and 83% of the latest session's options premium went into puts, according to GTA Terminal's TradingView flow read.

GTA Terminal put it plainly: "83% of the latest session's options premium went into puts." The same note flags that price now sits below the 20-day, 50-day, 100-day and 200-day simple moving averages — 75.61, 82.69, 77.25 and 85.88 respectively — and that "the trend is down, with the 20-day under the other three."

The 20-day is also the fastest of the four averages and the lowest, which means sellers have dragged the short-term trend line beneath the longer ones rather than the market rolling over on a single break.

What do the moving averages say?

• Oct. 21 high: $92.17. Every high since has been lower.
• Nov. 5 low: $64.81, broken on the way down; price has not closed back above it.
• Latest low: $60.56, the lowest print in 60 sessions.
• 52-week low: $49.90, set Feb. 5 — the next reference level below.
• RSI 14: 32.0, near oversold.
• Volume: about 0.5x the 20-day average.

Since Oct. 21, Circle has produced lower highs and lower lows, and the Nov. 5 break of $64.81 has never been reclaimed on a closing basis.

Where did the options money go?

Contract counts and premium point in opposite directions. In the latest session, 3,573 calls traded against 1,390 puts, a put/call volume ratio of 0.39. Yet $1.5 million of premium went into puts versus $302,000 into calls, leaving just 17% of premium on the call side, per GTA Wire data timestamped 9:54 a.m. ET.

That gap is the story: traders traded fewer put contracts than call contracts but committed roughly five times as much premium to the downside.

Open interest reads the other way. The standing book's put/call ratio is 0.64, with 470,896 calls against 302,730 puts, so existing positions lean toward calls. The bearish pressure in the latest session came from new premium, not from an already-crowded hedge.

The Nov. 20 expiration took $698,000 in premium, and only 4% of it on the call side. Long-dated contracts supplied the largest single positions:

• Jan. 15, 2027 $60 puts: 303 traded against 8,899 in open interest, $177,000.
• Jan. 15, 2027 $65 calls: 34 traded against 1,275 in open interest, $22,000.
• Jan. 21, 2028 $70 calls: 10 traded against 786 in open interest, $18,000.

How heavy is the off-exchange activity?

Dark-pool share ran at 36.4% on Nov. 6, 37.5% on Nov. 9, 39.3% on Nov. 10, 35.8% on Nov. 11 and 39.5% on Nov. 12. The Nov. 12 session moved 2.9 million shares, about 0.7x the 20-session average — "close to normal," as GTA Terminal put it, and the note concludes: "Dark pools are neutral for now."

What price levels matter now?

• $68.90 — Nov. 11 high, the resistance to watch.
• $64.81 — Nov. 5 low, broken support now sitting overhead.
• $60.56 — the latest low and the 60-day low, the support in play.
• $49.90 — the 52-week low from Feb. 5, the next reference below.

The test is a close, not an intraday touch. GTA Terminal's watch list is explicit: a close back above $64.81 and then $68.90, with put premium fading, would weaken the bearish read, while a close under $60.56 with puts still leading the premium would confirm it.

What traders are watching is whether Circle holds $60.56 into the Nov. 20 expiration, where $698,000 of premium sits and just 4% of it is on the call side. A break below the 60-day low puts the $49.90 low from Feb. 5 back in play, though RSI at 32.0 and volume at 0.5x the 20-day average argue for a move carried on thin participation rather than one confirmed by heavy selling.

The GTA Terminal analysis carries a not-financial-advice disclaimer.