When I see someone post again, “Whale addresses are entering the market—hurry up and follow,” my first reaction isn’t excitement; it’s to stop and think: is this about building a position, or hedging risks… With the same large transfer, it could be that they’re slowly accumulating spot, or it could just be that they’re using perpetuals/options to hedge risks. In plain terms, what you’re following may only be a shadow of their position. Recently, the narrative about ETF fund flows has once again been interpreted alongside the risk appetite in the US stock market—sounds very smooth—but the smoother it sounds, the more I get on guard. Once macro sentiment shifts, on-chain “whales” might just be switching their posture to avoid the wind. Anyway, if I can only keep one habit right now, it’s to first figure out whether the other party is adding to their position or reducing risk.