Last night, I saw someone on the chain frantically adding to their position, and I almost reached for the button.

Then I took a second look: spot was indeed buying, but at the same time, they were adding shorts on the perpetual side, clearly more like hedging to lock in positions...
To put it simply, you think you're copying trades, but actually you're providing liquidity for others.
I've been burned before—seeing a "whale entering the market" rush in, only to find out they were building a position + hedging with a reverse trade.
I got washed out by the volatility and couldn’t sleep from frustration.
Now I have one rule: if I can't tell whether they’re building a position or hedging, I won't act—better to miss out.
By the way, recently the debate over privacy coins and mixing coins, the regulatory boundaries are getting ridiculous.
I'm too lazy to pick a side; anyway, the more active on-chain actions there are during times like this, the more you need to think: are they gambling, or are they hiding?
That’s all for now.