Over the past couple of days, I’ve seen people chasing “whale addresses” to copy trades. Honestly, the first step is to figure out whether they’re building a position or hedging. Many large players buy spot while at the same time opening shorts on the derivatives side—so their net exposure may not be as big as you think. If you rush in and follow along blindly, you end up being the one propping them up/absorbing the swings for them. When funding rates are at extreme levels, the group debates whether to reverse or keep squeezing the bubble—my feeling is that the more they argue, the easier it is to get washed back and forth. Staring at the charts for too long makes my eyes ache badly, and my neck gets stiff too. In any case, I’d rather make a little less—first draw clear risk boundaries before taking action. That’s it for now.