Recently, I’ve been seeing a bunch of people staring at “whale addresses” and trying to follow along. Honestly, don’t get too excited first: whether that whale’s move is truly building a position, or whether they’re using spot as collateral to hedge futures—if you don’t break it down and look at the position structure, going in could very well mean you’re just taking the volatility they’re offloading. As for on-chain fund flows, I treat them only as a kind of barometer. What I fear most is the kind of person who hasn’t checked permissions yet, and hasn’t even locked their positions/funds, but already starts shouting “the whale is entering the market”… In any case, I’ll first see whether the contract parameters can be changed at will, and whether the funds are going into a treasury or into someone’s personal wallet.

By the way, if you compare RWA, US Treasury yields, and on-chain yield products together, it all sounds pretty tempting—but some of that “yield” is really just risk being moved around. Turn one corner, and you could end up on the side of the hedge. That’s it for now—be cautious, and you’ll save yourself trouble.