These days, I’ve been seeing a bunch of screenshots saying "whale addresses are entering the market, hurry up and follow." Honestly, my first reaction now is: are they building a position, hedging, washing, or switching positions? Sometimes on the same chain, it looks like buying, but actually they might have opened a short on the perpetual side; the net exposure isn’t as optimistic as you think… I’ve chased after this before, only to find they’re locking in risk, and I was really caught up in the hype.

Especially now that new L1/L2s are starting to offer incentives to boost TVL, that old user saying "mining, selling" is really not unfounded. Whales entering might just be to grab a quick profit and leave. Anyway, when I watch whale movements now, I look at several more trades: whether there’s a shift into exchanges, whether there are traces of opposite positions, and then decide whether to follow or not. Don’t just stare at one chart and imagine a story… I’ll keep observing.