Recently, I saw a bunch of people staring at "whales placing orders" and wanting to follow, please think carefully first whether that's building a position or hedging... Large traders have spot holdings/mining rigs/option positions, and they might just be placing a big order in perpetuals to hedge themselves; if you follow in, you become their liquidity.

Especially now, when funding rates are extreme, the group is arguing whether to reverse or continue squeezing the bubble. Honestly, when the rate is ridiculously high, whales opening long positions may not be bullish; they might be using spot to short and lock in profits. When the rate turns negative and turns green, whales opening short positions could also be hedging against a sudden drop. Don’t just look at the direction, check if they’re moving simultaneously, if they’re doing it in batches, or if they’re targeting liquidation hotspots.

I just focus on funding rates and liquidation zone positions, keep my position small, run if I’m wrong, discipline is more valuable than face. I still believe, but only in my ability to cut positions according to plan.