Usman Salis
Netflix shares are drawing unusual attention in the options market. Over the past two weeks, large traders have been quietly stacking bullish call contracts across a wide range of strike prices, and the size of the move is hard to ignore. The "Whale Watch for NFLX" chart, tracking net call premium activity from February 26 through early March, shows a steady and deliberate build-up that now exceeds $60 million in total.
$25M at the $100 Strike Leads the Accumulation Push
The $100 call strike is the biggest single bet in the batch, carrying roughly $25 million in net premium. Right behind it, the $90 call sits at around $21 million, and the $85 call adds another $13 million. Nearly every strike between $80 and $100 shows positive and rising net premiums, which points to broad conviction rather than one concentrated wager. This kind of stacking across multiple strikes is typically how large traders build exposure without tipping their hand too early. Netflix Stock Climbs for 7 Straight Days, Breaks Above 100-Day Average covered the renewed buying momentum in NFLX shares that coincided with this options activity.
The only real selling pressure in the data shows up at the $110 strike, where net premium activity sits near -$2 million. That's a relatively small number against more than $60 million in cumulative call buying below that level, suggesting the bears aren't putting up much of a fight at this stage.
What $60M in Bullish Options Flow Means for NFLX Price Action
The gradual build-up since February 26 points to a patient, methodical approach from whoever is behind the positioning. This wasn't a single-day spike; it developed steadily over days. Netflix Stock Drops 18% Below 200-Day Average, Widest Gap in 3+ Years noted how sharp price moves can reshape trader behavior, which may partly explain why some participants are now aggressively buying upside exposure. Analysis like Netflix (NFLX) Stock May Follow Amazon's Path and Jump 20% has also laid out the bull case for the streaming company. Whether this options flow translates into real upward price action in NFLX will depend on how the broader market develops, but one thing is clear: the big players are leaning hard toward the upside.
Usman Salis
