These past few days, I've been looking at my "emotion curve" again, which is basically the same as the time value of options: slowly seeping in, hard to notice, but when you look back, a chunk is gone. Buyers are worn down by time every day, especially when the market is stagnant, as if their money is being sucked out by the air; sellers seem to be collecting rent, but when a big bullish or bearish candle comes, that little premium they've accumulated feels like paying tuition to the market.

To put it simply, who is time value eating? Most of the time, it's eating those who hesitate, who want to bet on the direction but don't dare to take a heavy position, so they buy options to comfort themselves, only to be rubbed by time. Sellers shouldn't be too proud either; when the market is in days of "on-chain sorting chaos and MEV being criticized," volatility suddenly amplifies, and the seller's risk can explode in place. I now prefer small positions as a buyer with strict stop-losses, willing to earn less so that the drawdown doesn't drain all my capital.