Lately, I've been watching those big wallets on the chain move back and forth, and in the comment section, a bunch of people say, "Whales are entering the market, so I’m following." To put it simply, you need to first understand whether they are building positions or hedging: building positions usually involves slow accumulation and phased entries, with a relatively "clean" path; hedging is more like patching with spot and derivatives, or even moving back and forth between two chains, appearing to buy but actually reducing risk. If you only look at one entry address and rush in, what you might be following is their insurance policy...

Also, these days, RWA (Real-World Assets) and comparing US Treasury yields to on-chain yield products are quite popular, but often large investors are not just "chasing yields," they are adjusting their portfolios to balance duration and volatility. Anyway, when I see whale movements, I first identify potential counterparties and protective legs, otherwise copying trades is like following someone with an umbrella while running—eventually, you’re the one getting soaked.