Recently, I keep seeing people staring at whale addresses and wanting to follow the trades. I get itchy too, but first I made a "version update" for myself: v1 gets excited when large amounts enter, v2 will first think whether it's for building a position or hedging. To put it simply, the same wallet is buying while opening a reverse hedge, which outside looks "very fierce," but following in might just be taking on some risk margins.

This airdrop season is even more obvious, with task platforms using anti-wash trading and point systems, making everyone feel like clocking in for work. I even suspect that whales sometimes just do liquidity or lending maneuvers casually, not necessarily betting on a direction. Anyway, now when I see unusual movements, I first sketch a small diagram: where the funds come from, where they go, whether there's a back-and-forth loop... If I can't see clearly, I just give up. Better to earn a little less than to blindly rush in.