I've been watching the mempool for a long time, and I feel like options are just like the weather: once time’s up, everything gets worn down. Buyers are buying “possibility,” but honestly, they’re paying rent every day (time value). Sellers are the ones collecting rent—once the market doesn’t move, they can still slowly eat. But don’t think sellers always win. If there’s a sudden burst of volatility, that needle-like gas “spike,” like a sharp prick on-chain, will in minutes make them spit back—what they’ve built up in rent is nowhere near enough.

Recently, everyone’s using RWA and government bond yields to compare with on-chain yield products, and I’m even more on guard. A lot of “stable yields” are actually like stealth sellers: they make small profits most of the time, but if anything goes wrong just once, it all gets wiped out. Anyway, my own habit is: don’t worship talent. I only take positions I can hold up over the long term. I’d rather make a little less than let time and tail risks target me together.