Recently, someone has been watching whale addresses to follow their trades. I also took a look, but first I want to ask: is this building a position, or is it for hedging? Sometimes when you see big entries, you get excited—when in fact, on the other side, perpetuals and options have already locked in the direction. The net exposure isn’t as large as you think. If you jump in, you end up becoming the one catching someone else’s volatility.

Especially now—when a new L1/L2 drops incentives, TVL gets pulled up aggressively right away. It’s not without reason that old users complain about “digging, transferring, and selling.” On-chain looks lively, but in execution it’s all arbitrage players running the show. And if your emotions can’t keep up with the delay, it’s even more uncomfortable.

I’ve got a bit of a “chill” mindset: I don’t chase explanations anymore—just be random, I guess… What I can do is keep a close eye on the small stuff like slippage, execution, and stop-losses. Don’t treat other people’s positions as your own faith.