Don't just assume you can follow trades whenever you see whale addresses move... I recently opened a few large positions, and many look like "getting in," but they're actually more like hedging: some on the spot/on-chain positions, while the other side is directly countering with perpetuals, so the net exposure isn't as big as you think. To put it simply, they're controlling volatility, not betting on the direction.

These days, the expectations of rate cuts and discussions about the dollar index are heating up again, risk assets sometimes rise and fall together, sometimes move in opposite directions, there's too much noise. My approach is quite cautious: first, see if they are adding positions continuously, whether they are building positions in batches, or if they are adjusting "position hedging" with one entry and one exit. If you can't tell, just pretend you didn't see it—better to miss out than to be seen as liquidity.