Lately, looking at options feels a bit like watching whether the meat will grow: buyers are slowly "losing water" to time value every day, and when the market is stagnant, they get anxious; sellers seem like collecting rent, but actually are swallowing the tail risk first, and if a big wave comes one day, they have to spit it out... Honestly, who time is eating depends on whether you're waiting for a breakout or betting on calm.

These days, I also see people comparing RWA, U.S. Treasury yields to various on-chain "yield products," and I envy that mindset of calmly earning interest—really. But thinking about options sellers, that kind of "stability" is actually quite similar: most days are comfortable, a few days are tough.

I'm still the same as always, layering my positions, trading less, preferring to miss out rather than stay up all night watching theta decay—just like that for now.