Recently, I keep seeing people staring at whale addresses and wanting to copy their trades. I also get itchy, mainly because of that anxiety of "everyone else knows something I don't," and I can't help but want to copy their homework... But honestly, first, distinguish whether they are building a position or hedging. Many large traders buy spot while opening opposite perpetual positions, or even move liquidity across chains; on the surface, it looks like a gamble, but in reality, they are locking in risk or improving capital efficiency. If you follow in, you become exposed without protection.

These days, I’ve been talking about rate cut expectations, the dollar index, and risk assets rising and falling together. The market sentiment is conflicted, and on-chain actions are more likely to be "position adjustments" rather than "bullish or bearish." My current trick: when I see whale activity, I wait a bit first, to see if there’s a reverse move or if they’ve thrown coins back into lending pools or liquidity pools. Otherwise, copying trades just means paying fees for others and getting caught in a squeeze—why bother? For now, hold back; the most profitable move is to resist the urge.