Today I give myself one word: stop. Don’t, the moment you see some whale on-chain do a flurry of moves, feel like you have to follow. To put it plainly, you don’t even know whether they’re building a position or hedging—maybe the spot is being bought and the perpetuals are being shorted, and the net exposure hasn’t changed. If you rush in, you’ll just be “a liquidity intern” doing the job of exiting the market…

I’d rather pause and watch: first, see whether they’re entering in batches, whether they’re simultaneously opening opposite positions, and whether the funding rate is “fighting” over there. Recently, the modular and DA layer narratives have everyone—especially developers—talking nonstop and getting hyped; users are left completely clueless, and I’m confused too. So I’ll just stop refreshing for a bit, and wait until the emotions die down before saying more.