I only take one note: In options, time value is like the "rent" deducted daily, with the buyer waiting for the narrative to ferment while it gets eaten away little by little, and the seller relying on this patience to collect rent but having to withstand the tail risk of a sudden spike—that's why recently everyone is focused on the selling pressure from pledge unlocks/token unlock calendars, basically fearing that the spike will come too quickly and wipe out the "rent collectors" in one go.