Recently, I've seen people watching whale addresses and wanting to follow their trades again. I remind myself for the third time: first, figure out whether they are building a position or hedging. On-chain, it looks like buying, but on the perpetual side next door, they might be reversing and opening a short, and the net exposure isn't as aggressive as you think... To put it simply, you only copied the action, not the intention.

Lately, RWA, US Treasury yields, and on-chain yield products have been compared together. I also pay attention, but the more "seemingly stable" narratives there are, the easier it is to let your guard down. Anyway, I stick to my old approach: low leverage, in batches, even if it’s a bit slow, at least I won’t be scared into trembling by a shadow candle. Let’s stay steady first before moving on.