Lately, following the "whale address" to copy trades, nine times out of ten, you'll end up copying a hedge trade... Don't rush to go in the same direction; first think about whether they are building a position or just holding spot and perpetual/option to hedge risk. In other words, what you see might just be the legs, not the whole picture.

I usually start with a small replication: during the same time period, check if they are moving across multiple chains, whether they enter a CEX and immediately exit, and if there's a clear "spot first, then derivatives" rhythm; combined with transaction routing and slippage, many so-called "whale buys" are actually order splitting and routing around, giving the impression of buying.

The modular/DA system has been a hit with developers lately, but it's normal for users to be confused... The more hype there is around narratives, the more on-chain actions look like building position structures rather than shouting slogans. Anyway, I now prefer to be a bit slower, at least not to mistake hedging for a signal.