$PDD(PDD.US)PDD Options Market Daily (2026-02-06)

The PDD options market showed a clear "defensive structure with confirmed downtrend." The Net Trade Sentiment for the day was +$4.51 million, superficially bullish. However, a structural breakdown reveals that funds were highly concentrated in deep in-the-money Puts expiring on 2/20 with strike prices between 125–135. Single-trade premiums frequently reached $5–14 million, with most Deltas around -0.90, clearly indicating high-Delta downside exposure positioning or protective hedging.

Meanwhile, the Call side lacked aggressive buying of comparable scale, with notably weak positioning in short-term high-strike Calls. Although the Delta Imbalance was positive (+112k), compared to the absolute size of large deep in-the-money Put trades, it exhibited a "superficially balanced but defensively skewed" characteristic. This structure typically appears during trend continuation phases rather than on the eve of a rebound.

In summary, the current options market signals suggest institutions are either locking in downside risks or betting on short-term accelerated declines; no reversal signals like "short-term Call buying sprees" have emerged yet.