Lately, when looking at options markets, the more I observe, the more I feel that buyers and sellers are actually competing for "time" as their main resource. Buyers hold their tickets, waiting for the plot to unfold, but the time value is decreasing every day; waiting too long is like being boiled in warm water. Sellers, on the other hand, collect that small premium, hoping there won't be big volatility, and as time passes, it becomes more advantageous for them... But if a black swan event really happens, all the gains they made before will have to be given back.

These days, with major chain upgrades/maintenance happening, the community is starting to speculate whether the ecosystem will migrate. I think such nodes are the easiest to feed volatility; buyers tend to get overly excited, and sellers can also get jittery. Honestly, what I fear most isn't slowness, but chaos — slow can still be accounted for, but chaos relies entirely on luck. Anyway, I’m holding a small position to observe, waiting for some on-chain data signals before making a move.