Why Is Theta Typically Negative for a Long Option Position?

A long option position (buying a call or a put) is a wasting asset because its value inherently decreases as time passes and expiration approaches. Theta measures this rate of decay.

Since the passage of time is detrimental to the option buyer's position, the Theta value is negative, reflecting the loss of extrinsic value.

What Is the Difference between an Option’s Intrinsic and Extrinsic Value?
What Is ‘Theta’ in Options Trading and How Does It Relate to the Passage of Time?
How Does a Failure to Reveal a Transaction Affect the Overall Network’s Security?
What Is the Relationship between an Option’s Premium and Its Extrinsic (Time) Value?
Define “Extrinsic Value” and How It Relates to Time Decay
How Does High Volatility Affect the ‘Theta’ of an Option?
Does Theta Decay Affect ITM Options Differently than OTM Options?
What Is the Relationship between Theta and an Option’s Time Value?