The word "hedging" has been overused in the options circle, and everyone has their own explanation. But when asked about the details, most people actually can't explain clearly.

From the buyer's perspective, this thing is like—I'm still thinking of a good analogy. But the core logic is actually like this: you hold a Bitcoin or Ethereum position, worry about a short-term pullback, but are reluctant to cut losses, so you buy a put option as a safety net. Simply put, it's paying a premium for peace of mind.

The problem is that many people only know "hedging = buying insurance," but don't understand how to play with hedging costs, time decay, implied volatility, and other factors. As a result, in actual practice, they end up losing even more. The options community has this problem, which is indeed a bit embarrassing.