Seeing a whale address move, do you immediately want to follow the trade? I get the itch too, but stay calm—basically, you need to figure out whether they are building a position or hedging.

Many "huge buys" actually have reverse contracts opened a second later, and the net exposure isn't as big as you think; or they treat spot holdings as collateral to do other things, only half the story is visible on-chain. I usually check if there are derivatives position changes during the same period, whether funds are moving into exchanges or cold wallets, or if they are gradually eating up orders in batches... these details are more reliable than just "whale bought."

Recently, the narrative about ETF capital flows has been linked with risk appetite in the US stock market, and the sentiment is quite unified, but the more unified it is, the easier it is to mistake hedging for betting. Anyway, before I follow a trade, I first make sure: am I following the direction, or just following others' risk management? That’s all for now.