I now rarely follow whale addresses directly; at most, I treat them as an emotional indicator: first assume they are hedging, not building a position. To put it simply, large traders have multiple positions; they might buy spot while opening shorts or buying options elsewhere. If you only see "buy," and rush in, it can easily turn into a situation where you're being manipulated or providing liquidity for hedging.

Especially recently, before and after major public chain upgrades/forks, everyone in the group has been speculating whether the ecosystem will move. On-chain transfers suddenly become lively, but many of these are actually repositioning, swapping collateral, or tidying up positions before liquidation — not necessarily because they are optimistic. Anyway, before copying trades, I first check: Are they adding gradually in batches? Are there synchronized opposite positions? Where is the capital coming from and going to? If I can't understand, I just skip it; better to miss out.