Recently, I saw a bunch of people staring at whale address screenshots and wanted to join in. Honestly, I also get itchy hands, but I still need to figure out whether they are building a position or hedging. A large transfer on the blockchain to an exchange could be for a big buy-in, or it could just be to change margin; opening a large order doesn’t necessarily mean bullish. In simple terms, sometimes it’s just locking spot and perpetuals to capture basis fluctuations.

Now everyone still likes to compare RWA, U.S. Treasury yields, and various on-chain “yields.” The more I see, the more I want to slow down. The more “stable” it looks, the easier it is to let your guard down. Anyway, I just follow my own rules: check if the funding rate and the spot-futures basis are moving in the same direction. If they don’t match, I don’t add to my position. Better to miss out than be led by others’ moves. That’s all for now.