Actually, everyone understands that when whales' addresses move, they want to follow and buy in.

But first, let me ask: Are they building positions, or are they holding spot to hedge futures?
These two look like "buy," but the results could be completely opposite.
Now I see large amounts entering exchanges, but I tend to hold back first, and look at open interest and funding rates.
Don't treat "arbitrage/hedging" as "faith-based adding to positions."
Recently, with taxes increasing and regulations tightening and loosening, deposit and withdrawal expectations have changed, and whales prefer to hedge more.
Retail investors are still caught up in the climax of the story...
Forget it, survive first.