Recently, I saw people staring at whale addresses and trying to follow the trades. To be honest, I like watching too—but just don’t get carried away and rush in on impulse. Those kinds of large on-chain inflows and outflows are sometimes for building a position, sometimes purely for hedging/arbitrage, and even sometimes to provide insurance for other positions. If you jump in, you end up either lifting the sedan for someone else or catching someone else’s volatility. My habit is to first check whether they’re entering in batches, whether they’re also opening opposite positions somewhere else at the same time, and whether their activity looks like interacting with a certain protocol—like trying to execute a strategy. If I can’t confirm, I just assume I didn’t see anything.

Also, lately the whole “compound yield” debate around restaking and shared security has been getting quite loud. I’ve actually become more cautious. Once you’ve nested “doll within doll” schemes all the way through, it’s really hard to say who will be the one covering the bottom line. Anyway, whenever I see an abnormal tag light up, I pull back first and ask questions later. If I miss it, I miss it—sleeping well matters more.