Recently looking at the options order book, the more I look, the more it feels like watching “time” slowly grind people up. Every day, buyers wake up and race against theta—if the market doesn’t move, it’s just like they’re getting their “rent” deducted. Sellers look like they’re collecting rent on the surface, but in reality they’re taking tail risk as collateral. To put it simply, it’s betting that nothing goes wrong.

On-chain big transfers, exchange hot and cold wallets getting moved and then being shouted as “smart money coming”—I’m honestly not that excited anymore… A lot of the time, it’s just adding a bit of sound effects to the narrative. What really eats you is the time value—quietly, without making a sound.

Why am I so calm? One habit: before opening a position, first write down how much I’m willing to lose, then set the alarm for that line. When it goes off, I shut the app and go wash the dishes. Besides, emotions can’t be used as margin.