I’m now keeping an eye on the movements of whale addresses, and I basically don’t really dare to follow along directly anymore… It’s more like treating it as a clue to “what they’re doing” rather than “they’re trying to pump the market.” Many big orders look like they’re building positions, but they might just be using spot to hedge futures, or shifting funds back and forth between different pools to reduce volatility risk. To put it plainly, it’s different from the logic of our small positions.

Especially recently, everyone’s been talking about testnet incentives, points expectations, and even guessing whether the mainnet will issue tokens—on-chain activity has been busier, but excitement doesn’t necessarily mean the direction is clear. Anyway, my approach is: first see whether they’re continuously adding in the same direction, and whether there are signs of corresponding hedging, and then decide whether to follow a little… Otherwise, if I chase in and it turns out they’re just rotating/hedging, I’ll feel really awkward. That’s it for now—taking it slow is also fine.