$PDD(PDD.US) On February 9th, the PDD options market overall showed characteristics of increased trading volume on the Put side, but with a structure leaning towards arbitrage and volatility trading. Looking at the distribution of large orders, there were multiple high nominal value trades in near-month Puts around the 125–140 strike range, with IV generally between 70%–90%. These Put orders were mostly multi-leg structures (TLFT / MLFT), not single-leg naked buys. Combined with the relatively high implied volatility levels, they more closely resemble spread structures (Put Spread), one leg of straddles/strangles, or synthetic structures in inventory hedging, rather than one-sided bearish sentiment.

At the same time, there are still signs of continued position building on the Call side in the far months (2027 LEAPs), especially long-term Calls around the 100–110 strike range, with IV in a reasonable range, indicating that medium-to-long-term long funds have not retreated. Overall, the current options structure appears more like a phase of active risk management and arbitrage in a high-volatility environment, rather than a trend reversal to bearishness. If IV subsequently declines and the Put trading structure shifts from multi-leg to single-leg active buying, then caution is warranted for a genuine weakening of sentiment; otherwise, it leans more towards a phased game of repositioning within a volatile range.