Selling puts seems to involve some kind of psychological misjudgment in decision-making—using today's value judgment to price future moments.

In simpler terms, when Ethereum was at 2800, e warriors all said that if it dropped to 2500, they would go all in.

Now at 2200, did the e warriors go all in?

Of course, the e warriors would say, times are different now; this time e has not done xxx, but rather xxx.

Holding cash, you can always change your mind; holding options, you are digging a pit for the future today.