Recently, I've seen a bunch of people watching whale addresses "copy trading," and honestly, I also enjoy watching it, but don't immediately assume large transactions mean building a position. On-chain activity sometimes looks more like hedging: buying spot while opening a reverse perpetual position; or transferring coins from exchanges just to cold wallets or for collateral, which has nothing to do with your idea of "bullish."

My own clumsy approach is to first fill in the evidence chain: Is the source of funds from an exchange or a lending protocol? Is there open interest in derivatives at the same time? Are there batch transactions, or are funds flowing back? Especially now, with AI Agents and automated trading narratives heating up, on-chain interactions have increased, and many are actually bots running strategies, not "big whales issuing orders." Anyway, I prefer to be slow, watch a couple more trades, then decide whether to follow. Don't be lazy on security either—review authorization and contract addresses first, less risk, longer lifespan.