Today I saw someone chasing "whale addresses" to copy trades again, and I honestly have a bit of PTSD… To be clear, first figure out whether they are building a position or hedging, otherwise you think you're getting in, but in reality you're being used as liquidity. Especially those who buy spot and open opposite perpetual positions at the same time—on the surface, it looks like adding to a position, but in fact, they might just be locking in risk. Retail traders following along could end up in a very awkward situation.

And recently, on-chain data tools and label systems have been criticized for being laggy or even misleading. I really believe that: if the labels are half a day late, and the address switches aliases, you won't recognize it anymore. My current approach is to first check if they've canceled orders, transferred to exchanges, or changed positions rhythmically, then decide whether to copy their moves… Anyway, I’d rather miss out than make an extra transaction that might "mysteriously trigger a tax report." What about you?