Recently, someone has been watching whale addresses and copying trades. To be clear, first figure out whether they are building a position or hedging. Seeing a large buy order on-chain does not mean bullish; it could be spot buying, perpetual shorts pushing Delta down, and collecting funding fees at the same time; it could also be cross-chain transfers, providing liquidity, or pre-delivering OTC settlement and repositioning. The simplest check: whether they are opening a counter-position on the other side during the same period, whether they are transferring coins into the exchange and immediately withdrawing, and whether funding fees and open interest are moving together. Now Layer 2s are arguing daily about TPS, fees, and subsidies. I care more about who is igniting these narratives and who is using subsidies for liquidity migration... Anyway, I don’t follow trades "per transaction," only "behavior patterns." If I don’t understand, I don’t touch it—less tuition paid.