Time decay also known as Theta reduces the value of your option as expiry approaches, especially for options that remain out of the money.
The further below your price level BTC trades, the faster value decays.
The further above your price level BTC trades, the slower decay becomes.
When BTC hovers near your price level, decay is neutral but accelerates closer to expiry.
Time decay accelerates as hope that your option will expire in the money fades.
