I really scared myself just now... I wanted to copy a whale's address into the dashboard, but I accidentally clicked one digit too many, and almost placed an order following the "same route." Later, I looked more carefully and realized: that large transfer was indeed a build-up of a position, but right after, they opened a reverse position on the perpetuals, clearly hedging, not "going all-in bullish." To put it simply, before copying, you need to distinguish whether they are adding to their position or locking in risk; otherwise, you might think they are just eating the meat, but in reality, they are just helping someone else handle the volatility. Recently, the economic collapse in blockchain games feels similar: when inflation kicks in and studios enter the market, the coin prices spiral, turning "incentives" into selling pressure, who dares to go naked? Anyway, now when I see whale movements, my first reaction is to check if there's a hedge or unlocking rhythm, then decide whether to follow, to avoid another false alarm.