Just now, looking at the on-chain data again, I felt a bit scared... A few days ago, I saw a whale address making a huge purchase, and I almost got tempted to follow suit. But after taking a second look, I realized they were opening a perpetual reverse position on the other side, basically hedging + repositioning, not "faith-based accumulation." To put it simply, you see one leg, but you don't see the whole person.

Now, those on-chain data tools and tagging systems are pretty mysterious, not to mention the delays. Some tags even mistake exchange hot wallets/multisigs for "smart money," so being misled isn't surprising. Anyway, when I look at whale movements now, I first ask myself: are they increasing risk or reducing risk? If I can't tell, I won't follow. Better to miss out than to be the bagholder. That's all for now.