Recently, I saw a bunch of people watching "whale addresses" and trying to follow their trades. To be honest, I used to be quite obsessive about this: I only look at on-chain data, believing that the flow of funds is the answer. It wasn't until several lessons that I realized on-chain actions could also be just hedging, repositioning, market making, or even feeding liquidity to automated trading scripts... If you follow and rush in, they might be trapping risk in a cage.

Now I force myself to ask: is this more like "gradually stacking positions," or "building a firewall first"? If they are increasing their positions while opening counter-protection, then don’t treat it as a signal or a divine oracle. AI agents, automated trading, and these narratives have been hot again recently, everyone talks about "smart money," but the truly smart ones are often the most cautious about safety and love to leave a backup plan. Anyway, I’d rather take it slow, see clearly before taking action.