Recently, someone asked me whether I follow whale addresses or not. My habit is to first see if they are building a position or hedging; otherwise, it's easy to mistake their risk management for a "signal." For example, if they are buying spot but quietly shorting on perpetuals, or opening options as protective legs, following along would only make you feel like you're being "led by the rhythm"... To put it simply, big players are also afraid of drawdowns; they just have more tools.

These days, comparing RWA and US Treasury yields to on-chain yield products has been quite popular, but I care more about: is the same batch of money earning interest on-chain, or just conveniently locking in exposure? It’s about path dependence—an address’s historical style is more reliable than single transactions. Anyway, I’d rather confirm slowly than be the type to "rush in at every transfer," which is much more reassuring.