Today on the road, I saw a bunch of people staring at "whales entering the market" and preparing to follow the trades... My first reaction now isn't excitement, but rather thinking: Is this building a position, or are they using spot as a base and hedging with derivatives? To put it simply, you only see the buying side, while the other side might be opening shorts or protecting positions elsewhere, which you can't see at all. Jumping in might just be carrying water for someone or being used as liquidity.

Especially recently, funding rates have become extremely volatile again, and the group is arguing fiercely: is it a reversal or just squeezing the bubble further? Anyway, I do my homework the old-fashioned way: first check the address's historical habits, how often they enter and exit exchanges, then calculate how much it would cost if I follow their interactions or hold positions. I'm most afraid of impulsively turning myself into a "high-fee bagholder"... For now, I'll stick to this, even if it means being slower.