Lately, looking at the options market has been a bit revealing: buyers are racing against time every day, clearly in the right direction, but after a couple of days of dithering, the premium is "slowly eaten away"; sellers, on the other hand, are like collecting rent, and the worst thing is a sudden move that smashes the tail risk in your face. To put it simply, who is time value really eating? Most of the time, it's still the patience and hesitation of the buyer, especially when you're waiting for a better entry point while theta is already deducting money.

By the way, I’ve been thinking about how recently everyone has been complaining about miner/validator income, MEV, and fairness in transaction ordering, and it’s actually quite similar: whoever controls the "sequence" and time is more like the seller, earning that small margin; retail investors who are a step late become buyers, passively paying the time tax. Anyway, whenever I see phrases like "low cost, high win rate," I frown. First, I look at the on-chain execution and the structure of the counterparties, then I decide. Then I look again.