Just woke up and checked the blockchain, a few large addresses moved their coins in batches, jumping two or three hops before entering the exchange. It feels like they’re just “buying time” for themselves. Then I thought about options: the buyer is essentially paying to buy time value, and even if the market doesn’t move, it’s gradually being eaten away; the seller, on the other hand, is like collecting rent—time is on their side, but when sudden volatility hits, they have to tough it out, earning slowly but losing quickly.

Recently, there’s been a heated debate about privacy coins/mixing coins and compliance. I actually think it’s very similar to options: if you want “privacy/rights to choose,” you have to pay a cost; if you want to be a “liquidity provider/seller” earning some steady income, you have to bear the tail risk when boundaries tighten. To put it simply, time value is never given for free—it’s just a matter of who ultimately eats it.