Selling puts seems to have some psychological hint of error in decision-making—using today's value judgment to price future moments.

In simple terms, when Ethereum was at 2800, e-guards all said they would all-in if it fell to 2500.

Now at 2200, did the e-guards go all-in?

Of course, the e-guards would say, times are different now, this wave of Ethereum didn't have xxx, but rather xxx.

Holding cash, you can change your mind at any time; holding options, you're digging a pit for the future today.