Today I saw someone posting about a “whale entering the market,” and I wanted to follow along. Honestly, whenever I see big transfers now, I hold back first… I’m not a giant whale—I just have more tentacles, and my wallets are split up into smaller parts. First, I check whether they’re moving into spot/perpetuals in batches, or moving both sides at the same time. Building a position usually follows a pretty consistent rhythm, and the amounts are split patiently. Hedging is very much like buying on one side while opening an opposite position—position changes aren’t that big, but the fees are being burned. To put it more plainly, it’s about controlling risk, not a “all-in signal.” I thought this time was also the big boss trying to pump things up, but after looking through the on-chain records, it seems they might be locking in their exposure while also going to pick up a bit of on-chain yield.

Recently, comparing RWA, US bond yields, and on-chain yield products has been pretty popular too from that wave—but the hotter it gets, the easier it is to be packaged as “stable.” Either way, before I copy trades now, I make sure to keep my costs clear; if I’m wrong, I also know where I’m actually losing money.