These past few days, looking at the options market, I feel a bit emotional: buyers are actually fighting a desperate battle against "time," as time value deducts from your wallet like rent every day; sellers are like landlords, collecting rent is quite satisfying, but when a black swan event occurs, it's like the house catching fire, and the losses can come quickly. On-chain is even more straightforward, with transactions and settlements all laid out there; no matter how good the story sounds, it’s useless.

Recently, there’s been talk about easing expectations, right? The US dollar index and risk assets sometimes rise and fall together, and the volatility is quite strange. Buyers are most likely to get carried away at this point: thinking they’ve got the right direction and will win easily, but when volatility doesn’t keep up, time will have already eaten you dry; sellers shouldn’t get complacent either—when volatility suddenly spikes, margin calls will teach you a lesson. Anyway, I’m now more focused on whether the settlement and position can withstand the pressure. Impulses are fine, but surviving first is the priority.