Recently, I've been watching a few "whale" addresses move funds back and forth, and the comment section has started calling for follow-trading again. To put it simply, first figure out whether they are building a position or hedging: building a position usually involves slowly accumulating, placing orders in batches, and moving on-chain in a "clean" manner; hedging is like firing on both sides simultaneously, with spot and perpetuals both moving, and sometimes even deliberately taking a longer route. If you follow and rush in, you might just be seen as liquidity by others.

Airdrop season is also quite surreal. Task platforms are becoming more and more strict with anti-witchcraft measures, and the points system is forcing the grab-and-raid crowd to act like clocking in at work. I even suspect some large transactions are "done to show risk control." Anyway, now I first analyze abnormal trades by drawing charts, and I don’t dare to add positions recklessly—just observe for a few hours first.