I'm not very good at explaining the more formal models of options, but after watching the market for a while, I have an intuition: the time value is more like an hourglass, slowly leaking to the seller side. The buyer is paying for "possibility," and every day they wake up, they have to pay some rent; if the market stays still, their patience wears thin. The seller seems calm, but actually they’re hiding tail risk first, collecting rent as a comfort.

Recently, everyone has been complaining about validator income, MEV, and fair ordering, basically "who's collecting tolls." Options are similar, just with fees replaced by time. Anyway, I personally fear more that feeling of being right about the direction but getting worn down by time… Let’s leave it at that.