These days, the group is again discussing stablecoin regulation and reserve audits, along with a few rumors about "de-pegging." Seeing this, people get nervous and want to follow the whales' trades... But honestly, a whale moving doesn't necessarily mean a charge forward; sometimes it's just hedging, repositioning, or even adding margin.

Now I see large amounts entering exchanges, they usually pause first: for example, I just spotted a transfer of 12,480 ETH from 0x7c…b1a into a certain CEX, and then the same address broke down stETH on-chain within half an hour, even opened a reverse perpetual position—this looks more like "risk locking" rather than "chasing the trend." Following such moves can easily turn retail investors into bagholders or get worn out.

Anyway, I prefer to take it slow, first see if they continue to buy in batches, whether their cost range is expanding, and then check if the product/team is iterating normally. I just pass by and watch the excitement, don’t get carried away by emotions too quickly.