Lately I’ve been staring at options until it gets a bit mentally exhausting… Every day, buyers wake up and get bitten by time value first; if the market doesn’t move, it’s just slow bleeding. The sellers look like they’re collecting rent, but in reality they’re stacking tail risk into a bomb—one day, when a needle of volatility happens to pierce through, everything gets blown out. To put it plainly, time value—at the end of the day, who is it eating? My feeling is: it’s eating the anxious, and the ones who won’t admit defeat.

Over the past couple of days, the cross-chain bridge has been having issues again, and when oracle quotes glitch, everyone immediately starts “waiting for confirmation”—same flavor: the market’s favorite fee to collect is an uncertainty tax. Buyers pay the tax for a chance at a breakout, while sellers collect the tax but still have to stand firm through systemic failures. Anyway, as some kind of market-making apprentice like me, I’ll first tune the parameters to be more conservative… If I lose money, don’t blame the market—blame me, for filling in the spreadsheet too optimistically.