Someone asked me recently about seeing whales entering and exiting on the chain, wondering if they should just follow the trades.

Don't rush to be a parrot; many whale addresses are for market making/hedging.
They might be buying spot while simultaneously opening shorts on perpetuals, so their net exposure isn't as "faith-based" as you think.
Make sure to distinguish whether they are opening positions, moving positions, adding margin, or balancing their holdings—otherwise, if you follow in, you're just eating their slippage and emotional trading.

Now, with new L1/L2 incentives that immediately boost TVL, old users complain "mining, selling," and there's some truth to that:
Large players might just be taking rewards and hedging, then withdrawing once the reward arrives, leaving the pool parameters looking good but with weak liquidity.
Anyway, when I see large inflows into pools now, my first reaction isn't "it's about to take off," but to calculate impermanent loss first, and then wonder if I'm just providing exit liquidity for others.