Seeing a whale address buy right away and wanting to follow—doesn’t that feel a bit too impatient? I’ll hold back that impulse myself first: the same “buy” could be just building a position, or using spot to hedge futures, or already opening opposite positions on another chain/exchange.

On-chain, it may look like an add to the position—but don’t forget to check where the money is coming from, where it goes after the purchase, and whether there’s continuous replenishment. Withdrawing from an exchange to a new address, entering in multiple batches, and not sending funds back to the exchange after the buy—those are more like gradually building a position. Conversely, if right after buying the funds move to an exchange/lending protocol, or if large margin inflows show up at the same time, I’d rather interpret that as risk management than a signal for you to charge in.

Recently, the whole narrative about ETF fund flows has been used to tie it to risk appetite in US stocks. To put it bluntly, sentiment is very easy to get carried away by… I’d rather miss out on it one less time, and not misread “hedge orders” as “faith orders.” For now, that’s it.