Today I saw someone chasing after “whale addresses” again. I find it a little funny—and a little worrying... Before following trades, you really need to think it through: are they slowly building a position, or are they using spot as the base and opening futures contracts to hedge and lock in risk? A lot of the time, what you see is that they “bought,” but on the other side they might also be opening shorts. In the end, you become the only real bull—then the cat food gets handed over immediately.

Recently, those new L1/L2 projects are stirring up incentives to pump TVL. It’s not without reason that old users complain about the “mine-and-sell” approach. Whales are more likely to play it in a way that’s refundable—able to enter and exit freely—while retail investors love to only look at one on-chain transfer and then fill in the storyline in their heads... Anyway, I’d rather spend an extra 10 minutes flipping through the address history and place a small test order than keep being a paid spectator in on-chain mini-games.