Just checked the options data—this time value really has been quietly chewing through the buyer lately. The seller’s win rate is indeed high; they’re collecting rent every day. But if you run into extreme market conditions, it’s also not impossible for everything to drop to zero in a second. Put simply: in options, what the buyer bets on is direction + burst strength, while what the seller bets on is time + volatility mean reversion. These days the funding rate is insanely high—everyone in the community is arguing whether this is a reversal or whether we should keep squeezing the bubble. As for me, when contracts get overheated, I think option sellers have it better and it tastes sweeter. But if a “black swan” bites them, then the profits they made earlier might not be enough to cover the losses. Forget it—let’s leave it at that. I’m still a small-position buyer, buying like it’s a lottery ticket, not taking it too seriously.