Recently, I've seen a bunch of people watching whale addresses, almost as if they want to copy every move. To be honest, first figure out whether they are building a position or hedging; otherwise, if you follow along, you might think it's a smooth ride, but they could be using you as insurance. Especially those who buy spot and open opposite perpetual positions at the same time—looking at their "adding to positions" seems aggressive, but in reality, they are locking in volatility, leaving you outside to catch the emotional swings.

These past few days, there's been a lot of discussion comparing RWA and US Treasury yields to on-chain yield products. I’m actually more sensitive: when everyone is looking for the "safer" route, whale actions are more likely to be adjusting their position structure, not necessarily a directional signal. Anyway, when I see large transfers now, my first reaction isn’t to chase, but to consider the worst-case scenario: where is the liquidation line, is there enough liquidity, and can I escape if something goes wrong? Survive first.