WULF Bear Put Spread — 2026-07-17

WULF (TeraWulf Inc. - Common Stock) shows bearish unusual options activity: $6037K of buyer-initiated unusual put flow (86% put-dominant) detected across near-term expirations, with a peak vol/OI ratio of 24.3x on the 18 put. IV rank is 47 (moderate) — a bear put spread (21/20) trims theta/vega bleed versus a naked long. Buy the $21 / sell the $20 put bear put spread expiring 2026-07-17 (15 DTE) for a net debit of $0.53 ($53 per spread). Breakeven at $20.47; net delta 0.09.

Underlying: WULF @ ~$20.74 | 2026-07-17 (15 DTE) | Net debit (entry): ~$53 per spread. Use limit orders at the mid or slightly worse.

MAX LOSS: Limited to the net debit ($53 per spread). Max gain is capped at the strike width minus the debit — a defined-risk, defined-reward trade. | IV RISK: IV rank is 47 — reasonable for a debit spread. | TIMING: 15 DTE — unusual flow is a near-term signal; act promptly or the setup may stale. Close or take profit before expiration week to avoid gamma risk. | SECTOR: WULF is in Other — avoid concentration with other open Other positions. | EXECUTION: Use limit orders at mid or slightly worse on the spread (don't leg in). Verify the bid-ask before sending; do not chase with market orders. | EVENTS: Check for upcoming earnings, FDA decisions, or macro prints within the trade window that could cause outsized gap risk.