Last night, I saw a "whale entering the market," and the group started calling for follow-trading again.

I spent a while analyzing on-chain traces, and the more I looked, the more it seemed like a two-pronged setup: one side slowly buying spot, and the other opening reverse positions on perpetuals, feeling more like hedging and creating hype, not the kind of "aggressive" building positions.
To put it simply, if you follow in, you might just be helping others boost liquidity or carry their trades.

I’ve been burned once before: saw a large address transferring assets to a bridge, thought it was cross-chain opening a new position, but what followed was a rollback-style withdrawal + hedging on another chain...
Back then, I didn’t understand it and was eager to follow, but in the end, I didn’t make much profit and got hit with fees.
Now I just say: if you don’t understand it, don’t move first, sleep on it and decide later.

By the way, recent discussions about rate cuts expectations, the dollar index, and such are swinging risk assets along with emotions, making on-chain activity look "very lively," but it’s easier for positions to be shifting around.
Anyway, I’d rather miss out than be the leg someone uses for hedging.
That’s all for now.