My only takeaway from options lately is this: time value is basically just eating away at the buyer’s patience. You pay the premium, and as the days pass, if the underlying doesn’t move much, you get “slowly drained”; the seller, on the other hand, is most happy when the market keeps dragging on—lying back and waiting for time to exhaust you. Put simply, the buyer bets on “quick and big,” while the seller bets on “not too out of line.” So now everyone keeps fixating on the selling pressure anxiety around pledge/unlock and the token unlock calendar, but instead I think: are you betting on that one moment when the event happens, or are you betting that the market will keep scaring itself the whole time? I treat complexity as the enemy: if a position can’t be explained clearly in one sentence, I won’t touch it first. And don’t use your main wallet to sign all sorts of messy “options tools”—forgetting to revoke permissions is even more dangerous.