Just saw someone screenshot saying, “The whales are entering the market—quick, follow!” My first reaction was still to hit the pause button first… As for those few on-chain moves—are they actually establishing a position, or are they hedging? The difference can be enormous. In plain terms, it depends on whether they’re opening both sides at the same time, whether they’ve sent their spot to an exchange, and whether, after a while, they add back in the opposite direction. Someone who buys on one side while adding shorts in derivatives is easy to follow—and end up becoming the cushion someone else uses to hedge. Recently, there have also been rumors that a certain region will add taxes / tighten compliance. Once expectations for deposits and withdrawals shift, whales are even more inclined to lock down risk first—it doesn’t necessarily mean they’re bullish. Anyway, I’d rather eat a little less than chase after the “mega whales” and get cut by restructuring news.