Lately, I've been watching large on-chain transfers, and the group has started shouting "whales entering the market quickly" again... I will now pause first: is this transaction really building a position, or is it hedging/arbitrage? To put it simply, it's still buying, but if there are derivatives opening opposite positions nearby, copying the trade could very well be providing liquidity for others.

Especially when funding rates are extreme, everyone argues whether to reverse or continue squeezing the bubble, I actually prefer to look at the "portfolio" rather than individual trades: spot buying, perpetual shorts, or vice versa, often treating volatility as noise to lock in. Recently, I’ve lowered my expectations; I only act when I understand, and ignore what I don’t—it's much more relaxed. That’s all for now.