These past few days, looking at the options positions has been a bit overwhelming… Buyers wake up every day feeling like their time value is being shaved off, bleeding even when the market is flat; sellers seem pretty steady, collecting premiums slowly, but they also feel uneasy—if a big wave comes, they have to tough it out, like being woken up by a pledge being slashed. Honestly, who is time eating away at? Most of the time, it’s eating the buyer’s patience; occasionally, it’s eating the seller’s sleep. By the way, over on the Level 2 side, people are arguing about whether TPS, fees, or subsidies are more aggressive. I just want to lie flat now—no matter how good the data looks, it all depends on whether it can withstand “time.” I’m tired but still here, taking it slow for now.

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