I just closed the options chain window, and my eyes are dry... Honestly, for buyers, every day they wake up being slowly eaten away by time value, even if the market is flat, they're still bleeding; sellers seem like they're collecting rent, but actually they're using tail risk as collateral, usually making small profits, but a big wave of volatility can wipe out all the previous "stability." Recently, we've been talking about rate cut expectations, how the US dollar index and risk assets rise and fall together; anyway, this kind of macro narrative is best for inflating volatility—buyers hope it materializes, sellers fear it will. As for me, I'm most afraid of leverage chain explosions, but I can't help but watch others liquidate... it's quite contradictory. For now, less confidence, more margin.