Everyone knows this: the time value of options isn’t just “air.” It quietly bites people every day—just depends on who it bites. When I’m the buyer, what I fear most isn’t getting the direction wrong; it’s getting the direction right but having it come too late. It feels like hiking up a mountain to enjoy the scenery, only for it to get dark and the car still hasn’t arrived… So I usually set a personal timeline of “leave if I can’t get it.” I’d rather make a little less than have myself worn down until my mindset blows up.

For the seller, it’s the opposite. Time is your friend, but you have to withstand days like “collecting tickets as usual, then suddenly a typhoon comes.” Right now, I’m more like a travel-style position: when the wind picks up, I land. The seller’s position gets broken into smaller parts, with some insurance left in place—anyway, I don’t want to risk the whole trip just for a few days of option premium.

Recently, the whole NFT royalty situation also feels pretty similar. Creators want continuous income, but traders think the friction is too big and liquidity runs off. Put simply, time and friction costs have to be paid by someone—everyone just doesn’t want to be the one who gets eaten. That’s it for now. Today, I’ll keep watching so time doesn’t end up staring me down.