Recently, I've seen people staring at whale addresses and wanting to copy their trades again, and I really want to laugh... First, figure out whether they are building a position or hedging. Many large orders look like "buying explosively," but on the other side, they might have opened a short, or just moved spot assets to collateralize, and their sense of direction is completely wrong. Especially now, funding rates are extreme, and in the group, people are arguing whether it's a reversal or just continuing to squeeze the bubble. Honestly, at times like this, whales prefer to eat both sides; if you follow and rush in, you're most likely to be used as fuel.

My mom just asked me, "If whales buy, does that mean it's a sure win?" I can only reply half-heartedly: not necessarily, they might just be afraid of falling and are protecting themselves... Anyway, I first look at whether they have reverse positions or stablecoin inflows and outflows before deciding whether to join; otherwise, I’d rather earn less than be a copycat clown.