I'm not very good at explaining academic-style options theories, but to put it simply: time value mostly reflects the buyer's emotions and patience. When you buy a call/put, if the direction is right, you also need to be "quick enough," otherwise waking up every day feels like silently bleeding, the longer it drags, the more anxious you get, and in the end, you either cut your losses or hold on until it hits zero.

The seller, on the other hand, profits from the "nothing happening" scenario, and their days seem stable, but they're actually taking tail risk as rent, collecting coins normally, while in extreme cases, they might be directly wiped out. When I watch the liquidation hot zones, I increasingly feel like sellers are dancing on the edge of danger—relying on time to stand on your side, but you must survive that needle.

Recently, some people have been criticizing the lag in on-chain data tools and tagging systems... I also somewhat agree. When volatility hits, the tags are still slowly updating, and people are already being notified of liquidation. Anyway, I now prefer to pay less attention to the "smart money" tags and focus more on more straightforward things like collateral correlation and funding rates—survive first, then worry about the rest.