Lately I keep seeing people show off "whale addresses entering the market, wow!" I just want to laugh... First, clarify whether they are building a position or using spot to hedge. Just because you see on-chain buys doesn't mean they aren't taking short positions on derivatives to hedge risk. To put it simply, what you're following is their insurance policy, not their core position based on conviction.

Especially these past two days, when funding rates are extremely high or low, the group is arguing whether to reverse or keep squeezing the bubble. My experience is: the more unified the sentiment, the more I want to withdraw. If you really want to analyze, don’t just look at one large trade; check if it's done in batches, if there are round-trip trades, if coins are being moved into lending pools... those are the signs of "real activity."

Anyway, I’d rather miss out than be liquidity. Forget it, I won’t talk about this anymore.