Today I saw a bunch of people staring at "whales buying/selling" and ready to follow the trades... Don't rush to applaud like seals. The big order you see might be building a position, or it could be hedging: spot is absorbing, perpetuals are shorting; on-chain is transferring, exchanges are smashing. To put it simply, you only see the tail flicking water and think it's swimming toward the moon. Recently, there's been talk about certain places raising taxes and tightening regulations, then loosening them again; the inflow and outflow expectations change, and whales prefer to hedge to spread out risk. Don't chase after their shadow; the ones who end up getting caught are usually the fastest runners.