Theta is also money, and this account can't be judged solely on the surface. When you use Gamma to price Theta, the problem arises—in such a crazily volatile market, the small premiums you earn daily are essentially an illusion. When volatility explodes, the speed at which gamma runs makes theta impossible to brake.

For friends who want to be option sellers in the crypto world, it's time to upgrade your skills. From simple position size management to a deeper understanding of surface charts and second derivatives—that's the threshold to survival.

Hedging is not black magic, but it is indeed a technical skill. You need to think clearly about how to hedge, how much to hedge, and when to hedge. Without understanding this logic, earning more premiums is like licking blood on a knife's edge.