Lately, more people have been eyeing on-chain “whale addresses” and trying to follow along. My first reaction isn’t excitement—it’s to ask one question: are they actually building a position, or hedging? In plain terms, that big buy order you see might just be them opening a short somewhere else, using spot as protection; or it could be them accumulating in batches, with several more moves still not shown. If you jump in and only see a screenshot, you’re basically using your own position to guess the full script of someone else.

Especially these past two days, Meme and celebrities shout a few words and they manage to pull everyone’s attention away. The old player’s line, “Don’t take the last baton,” sounds cheesy, but it’s genuinely useful… When I do a review now, I force myself to cut the weight of the “whale in the same direction” evidence in half: first, check whether they placed any reverse orders before and after, whether they transferred into an exchange, and whether they quickly backed out the next day. Better to miss it than to treat it as just a wedge piece in someone else’s hedge.