I'm not very good at explaining those "standard" options theories, but the biggest feeling I've had while watching the market these days is: time value is kind of like a slowly leaking vase. If you don't deal with it, it will gradually drain the buyer's patience. Buyers are betting on "possibility," but as long as the market isn't fast or fierce enough, theta will keep collecting rent every day; sellers seem more comfortable, but honestly, they're betting that "nothing big happens." When something does, it's easy to be pierced by a needle.

Recently, someone linked ETF capital flows, U.S. stock risk appetite, and crypto price movements all together in one interpretation. I find that a bit exhausting... These narratives can influence emotions, but for options buyers, the most critical thing is: the time for the narrative to play out might be longer than your contract's lifespan. Anyway, I'm now more willing to set stop-loss and take-profit levels in stone, preferring to earn a little less than to be gently squeezed to death by time.