Recently, I’ve seen a bunch of people watching whale addresses and wanting to follow them. Honestly, my first reaction now isn’t “what did they buy,” but rather “are they building a position or hedging?” Some addresses add spot positions on one side while opening derivatives on the other, and their net exposure might not have changed at all. If you follow in, you’re just taking on their volatility… I only keep a small position for myself to test the waters now. If I don’t understand it, I’ll just let it go. Survive first, then talk about profits.

By the way, the NFT royalty dispute also seems quite similar: everyone is watching “secondary sales,” but who bears the costs and who provides liquidity? When you break it down layer by layer, it’s not that simple. Anyway, I’d rather go slow than become someone else’s liquidity exit.