Actually, everyone understands this. When they see a whale address, they want to buy right away and follow, almost clicking the button immediately... But recently I force myself to think for two seconds first: Is he building a position, or is he hedging? Sometimes on-chain it looks like "adding to the position," but a closer look shows he's opening a short, or adding collateral to a loan, which basically means spreading out the risk, not trying to pump the market to lift the price. My simple method: within the same hour, check if the funds are net inflow into spot or if he's adding margin and positions on derivatives, and whether the directions are aligned; also see if he's doing it in batches or using the same entry address. By the way, recently RWA and US Treasury yields have been compared to on-chain yield products, and I also casually check whether these "yields" are actually interest or leverage stacking. Don’t follow big players and treat hedging as a faith token. Anyway, I prefer to go slower and be less driven by emotions.