Today on the blockchain, I saw a bunch of people chasing after "whale addresses" to copy trades, but honestly, first figure out whether that activity is building a position or hedging. Whales aren't necessarily smarter; often they just have larger positions and more tools: buying spot while opening shorts at the same time, or moving coins to collateralize, outsiders only see "buying" and get excited, but in reality, they are locking in risk. Watch if they have supporting actions afterward: derivatives positions during the same period, stablecoin inflows and outflows, whether they are entering or exiting in batches... these are more reliable than just forwarding screenshots. Recently, social mining and fan tokens have been quite noisy; I’m a bit skeptical about the idea that this set of attention is like a mining machine. The more noise, the easier it is to mistake "hedging" for "adding to positions." I'll first note down the inflows and outflows of a few addresses I’m watching today, and then conveniently revoke a few unnecessary authorizations.