Lately, I’ve been getting a bit annoyed at how tightly I keep watching options. To put it plainly, time value is basically a “paying a tax every day” for “waiting for a miracle.” The buyer pays the premium, and if the market doesn’t suddenly explode, it gets slowly eaten away by time. The seller looks like they’re just collecting rent, but the moment a big spike comes or some news hits, losses can get just as straightforward—especially for someone like me who tends to get swept up at night. I really don’t dare to play it cool and pretend everything’s steady.

Last night I was still scrolling through that post about a mainstream public chain upgrading/maintaining. In the group, everyone was speculating whether the ecosystem might “move houses.” My first reaction was: this kind of uncertainty is what most efficiently drives implied volatility up. That makes buyers’ options expensive in a way that really hurts, while sellers are also afraid of getting wiped out. Anyway, for now I’d rather do less—first I’ll review the funding rate and the order book’s mood again. For now, that’s it: I’m withdrawing all the contracts expiring tonight and leaving only the observation orders.