Recently, when I look at whale addresses, I’ve got a compulsion: slow down first—don’t, at the sight of any big inflow or outflow, immediately feel like you have to follow. To be blunt, you don’t even know whether they’re actually building a position or hedging. They could be buying spot on one side while simultaneously opening perpetual shorts and locking things in—either for the sake of the fee rate or just waiting for a window to line up. Otherwise, when retail traders rush in, they’ll just end up “carrying their water / closing their positions for them.” Especially these days, with cross-chain bridges being hacked again and those “ghost story” situations like oracle errors popping up, everyone keeps yelling, “wait for confirmation.” And honestly, I think that’s pretty right: being a little late at least lets you see whether the funds are going to an exchange, into contracts, or being broken up and spread across multiple L2s. Anyway, my current approach is: when I see whales move, I take a sip of water first—then I’ll wait for the next move.