What Is the Practical Implication of High Theta for a Long Option Position?

A high Theta value means the option is losing a significant amount of its value each day due to time decay. For a long option position (the buyer), this necessitates a quick and substantial favorable move in the underlying crypto's price to offset the daily loss of premium.

High Theta is most pronounced for options close to expiration, making them a poor choice for buy-and-hold strategies.