I now see whale addresses move, and my first reaction isn't "copying trades," but rather assuming they are hedging... When it comes to copying, it's really hard to tell if they're building a position or just using you as liquidity, which can really mess with your mindset.

Basically, a few small points: Are they buying gradually in batches, are they opening opposite positions in other pools or perpetuals at the same time, and when transferring into exchanges, are they planning to sell or just switch positions? Also, when TVL drops again, you need to stay calm; many "smart money" is actually shrinking risk, not bullish.

By the way, I just thought of the recent NFT royalty debate, where everyone is saying to cancel royalties for liquidity, but creators' income becomes even harder to sustain. On-chain, it's the same—liquidity looks lively, but behind the scenes, it might all be hedging positions pushing against each other... Anyway, I sound pessimistic, but I still prefer to pick projects with genuine users slowly coming back and add a little at a time.