I'm not very good at... the "see an address and rush in" style of whale chasing, but these past couple of days I really feel like everyone is a bit too easily led around. Whale buying doesn't necessarily mean bullish; sometimes it's just building a position, and other times it's purely hedging: holding spot while opening a reverse position to lock in risk. If you follow along with spot buying, you only catch the "half of the body."

Now I look at large inflows and outflows, first to see if it's the same group of funds moving between different pools, or if it's coordinated with contract positions; otherwise, it's easy to mistake it for liquidity.
Plus, recently new L1/L2s have started offering incentives to boost TVL, and veteran users complaining about "mining, liquidation, and selling" isn't without reason...
Anyway, I prefer to be slow and sure, confirming that they are adding to their position rather than hedging, before taking action, to avoid becoming someone else's exit button.