Just saw someone monitoring large transfers on the chain again, and exchanges' hot and cold wallets are often saying "Smart money is coming."

I'm actually looking at myself first: am I currently a buyer or a seller of options?
To put it simply, the time value is decreasing every day, it's just happening to someone.
Buyers are exchanging time for volatility; if the market stays still, you'll be slowly eaten away.
Sellers are taking time as income, but you're actually bringing the tail risk home; a single needle can wipe out all the gains you've made before.
Today, when everyone's emotions follow the "abnormal movement," I prefer to have fewer illusions:
Buyers should set their worst-case loss, sellers shouldn't pretend to be guaranteed winners, and position sizes shouldn't be overconfident—surviving is more important than guessing right.