This is the third time I’ve seen someone treat “whale addresses buying = immediately copying” as gospel… hold on first. That on-chain transaction might be establishing a position, or it might be hedging/relocating funds—if you read the direction wrong, you end up becoming a source of liquidity.

In plain terms: check whether they’re entering in batches, whether they’re simultaneously opening opposite positions in other pools, and whether the capital was just withdrawn from exchanges or is merely circulating internally.

Recently, the RWA (real-world asset) setup has been hot again. When people put U.S. Treasury yields next to on-chain yield products to compare, I’ll also take a quick look: if whales add to their positions in yield products but reduce their spot holdings, it’s probably “steady income + risk control,” not there to pump anything.

Anyway, before I copy anyone, I ask myself one question first: is he betting, or is he insuring?