Lately, looking at the options market makes me want to laugh and cry at the same time: Buyers are racing against time every day, opening the chart and seeing the time value crumble like potato chips; sellers, on the surface, seem to be collecting rent, slowly eating the time value into their stomachs, but when big volatility hits, they might choke and get hit back directly.

These days, the funding rates for spot/derivatives are extreme again, and there's a heated debate in the group about whether a reversal is coming or if the bubble will continue to be squeezed. I, for one, don't dare to chase blindly... Buying options at such times is like buying a ticket—expensive but with limited loss potential; selling options is like running a stall—earning small change normally, but trouble arises when a crowd tramples in. To put it simply, time value usually benefits the buyer, but when the market goes crazy, the market starts to eat the seller. I'll keep low profile and wait at the Gas window, paying less tuition.