Lately, someone has been watching whale addresses and trying to follow their trades.

I'm actually more interested in distinguishing whether "they are building a position" or "they are hedging"...
Otherwise, you might think they are just sweeping, but in reality, they are buying spot and opening perpetual shorts to lock in positions, or just moving positions from one pool to another; the risk is on a completely different level.
Honestly, looking at a single transfer isn't enough; it's better to observe the flow over several days, whether they are adding margin at the same time, or if they are frequently switching stablecoins.
The spiral of inflation plus studio dumping in chain games is even more obvious.
Whales sometimes are just hedging or market-making, not here to support your beliefs.
Anyway, I prefer to confirm more slowly rather than being the type that "rushes in at large amounts."