Lately I've been looking at options again, and the more I watch, the more I feel that time value is quite "honest":

If you're the buyer, even if your direction is correct, a little market wobble will quietly chip away at your patience;
If you're the seller, you're earning from the "nothing happening" part, but once it actually happens, the drawdown can also wake you up.
When the market is cold, I actually prefer to watch this more; anyway, those who endure slowly are mostly the buyers who can't hold on first.

The interpretation of ETF capital flows also resembles options sentiment: everyone links the risk appetite of the US stock market with the rise and fall of cryptocurrencies, sounding very smooth, but the "time" in between is the easiest to overlook—money just doesn't come if it doesn't come.

Who is ultimately eaten by time?
I think it's the impatient ones who get eaten first.