Honestly, recently when I see whale addresses, some people want to follow the trades again. My first reaction isn't "what did they buy," but rather to think: is this building a position or hedging? Many large orders look like they're getting on board, but they might actually be slowly adding to spot holdings, while opening a reverse position to lock in volatility, or just moving risk to other chains or pools... If you only see one side, it's easy to mistake it for "taking off." I'm not even sure I can always tell the difference, so I mainly treat it as a signal now: first compare the fund flows, lending changes during the same period, and whether there's cross-L2 movement. By the way, the developers are pretty excited about modularization/DA development this wave; it's normal for users to be confused. The hotter the narrative, the easier it is to frame hedging as "faith-based accumulation." Anyway, I just do small tests, admit when I'm wrong, and don't copy others' positions as my homework.