Today I saw some big moves from "whales" on the blockchain, and the group started shouting about copying trades again... I’ve really learned my lesson now, first think carefully whether they are slowly building a position or using spot/perpetuals for hedging to lock in risk. Honestly, many look like they’re adding to their positions, but actually they’re pushing the liquidation line outward, conveniently reducing volatility, and following along turns into taking on someone else’s drawdown.

As a borrower, I’m most afraid of interest rates suddenly spiking, utilization skyrocketing, no matter how good the position looks. Recently, the modularization and DA layer narratives are heating up again, developers are excited, users are confused. I’ll just focus on collateral relevance and borrowing costs for now—don’t get caught up in the rhythm of those three words “whale address”… I’m tired but still hanging in there, staying steady.