It's midnight again, staring at the chain, tired but still going... Recently, someone keeps screenshotting "Whales are entering the market again" and shouting to follow the trades. My first reaction now is: is he building a position, or hedging/moving positions. Many large addresses are simultaneously buying spot and opening opposite positions in perpetuals; their net exposure isn't as aggressive as you think. Following along easily turns into being a proxy for him or catching the waves. The macro side is also quite noisy, with expectations of rate cuts, the US dollar index rising and falling with risk assets—it's all pretty abstract. Anyway, I just treat it as noise, keeping my position small as usual, watching whether he continues to add more later and whether he recovers in the cost zone. If I lose money, I’ll write a review post tomorrow face-to-face; for now, that's it.