Recently, I've seen a bunch of people watching "whale addresses" and preparing to follow trades. I’ll first ask myself: Is this building a position, or are they using spot/perpetuals for hedging? Many so-called large buys look lively on-chain, but on the other side, they open shorts to lock in risk. If you follow in, you’re just helping them pump or absorb volatility.

Especially these days, with cross-chain bridges having issues again, funds moving back and forth across chains seem more like "changing battlefields," not necessarily bullish. Also, those occasional abnormal quotes from oracles during glitches—everyone rushes to "wait for confirmation," but really, it’s just liquidity thinning out and liquidation thresholds shifting around... At these times, whales prefer to do structural plays rather than directional bets. If you want to follow trades, first look at both legs of their positions—don’t just focus on the actions on one chain.