Don't rush to follow whale addresses; first think carefully whether they are building a position or hedging. Building a position usually involves gradually accumulating in batches, with the cost basis kept very flat; hedging is more like having positions on both sides, buying on-chain and opening opposite positions on CEX simultaneously, actions are decisive but if you follow in, you might only catch noise. Also, those "transferring funds to exchanges" don't automatically assume they're about to dump; it could just be changing margin or rolling over positions.

Recently, a lot of people compare RWA, dollar debt yields, to on-chain yield products, making a lot of noise, but frankly, the underlying risks are not in the same basket, don’t use the same yardstick to measure. Anyway, when I see large flows recently, I stop first, rather miss out than follow others' hedging orders as fuel… It’s a bit annoying, but I can only accept it.