Recently, I’ve been seeing a bunch of people fixate on “whale addresses” and get ready to copy trades. Now I’m going to force myself to pause for two seconds: is he building a position, or hedging? Sometimes it looks like a furious buying spree, but in fact a reverse position has already been opened elsewhere on-chain, or they’re using spot as insurance—if you really follow in, you end up becoming someone’s helper, lifting the market / taking on the volatility. Especially these past two days, around the upgrade of that mainstream public chain, everyone in the group has been speculating whether the ecosystem will migrate; the back-and-forth shuffling of addresses looks more like risk management, not necessarily bullish. Put simply, I’m shrinking my target: I’ll only track one or two kinds of actions (for example, net inflow plus positions that haven’t been hedged)—I’d rather miss out than force it… Instead, it lets me keep checking a little every day, so I don’t burn out after just two days.