In the past few days, I've seen a bunch of "whale addresses buying/selling" and people are about to follow the trades. To be honest, I'm a bit scared. On-chain, it looks like building a position, but often it's actually hedging: one side is spot buying, while the other is opening a perpetual position in the opposite direction, or dumping coins into lending as collateral. The net exposure isn't as large as you think. To put it simply, first see where the funds ultimately end up, whether they return to the same route for circulation, or if large players are just using it for liquidity.

Recently, RWA, US bond yields, and on-chain yield products have been compared together. I understand, but address activity more easily results in a "arbitrage and risk hedging" combo punch. Looking at a chart without the full context can easily lead to misjudgment. Anyway, I personally start by mapping out the path, then consider slippage and execution. I'd rather miss out than imagine things in my head.