After I started tracking whale addresses, the biggest change isn't that I follow more "trades," but that I dare not follow them more.

In the past, seeing large transfers into exchanges would make me imagine a dump, but then I’d realize they might just be using spot to hedge perpetuals, and their positions haven't actually decreased;
And those who buy in batches and open shorts at the same time—basically locking volatility, not bullishness.

Recently, new L1/L2s are offering incentives to boost TVL, and in the group, people are both rushing and cursing "mining and selling," I can understand that...
But especially during times like this, a whale's "entry" is more likely to be market-making or hedging.
Anyway, I now focus on the timeline: first see where the money comes from, where it goes, whether there's a reverse move afterward, and confirm before building a position;
If there's no evidence, just treat it as passing by.
That's it for now.