I set a rule for myself: when looking at options, ask one question first—“Time is eating who?”

Every day, the buyer is being worn down by time. If there’s no volatility, their position slowly grinds down to zero. The seller may look like they’re collecting rent, but when a really big move comes, it’s like they have to cough up several months’ worth of that “rent” all at once—sometimes even more.

Recently, people have been talking again about the sell-off pressure from the pledge/token unlock calendar. I’m more inclined to treat these “certain timing points” as a source of volatility rather than gambling on direction. In plain terms: time value isn’t a gift—it’s a bill. It depends on which side you’re on.