Recently, I’ve been seeing a bunch of people staring at “whale address” screenshots and getting ready to follow the trades, and I honestly find it both funny and a little frustrating... To be blunt, what you might be looking at is probably just someone hedging—buying spot on one side and flipping the position on the futures side on the other. In other words, their net exposure might not have changed at all. Opening a position is usually more “painstaking,” involving entering in batches, switching routes, and even leaving a bit of trailing tail; hedging is more like a quick patch—comes fast and goes just as fast. Anyway, whenever I see big inflows now, I first ask myself one question: are they pressing for the direction, or are they just repairing risk? Don’t run along with other people’s emotions—especially these past two days, when everything has been in an uproar over compliance for privacy coins/mixers. Funds are even more likely to be doing “cover-up moves.” Watching the drama is fine, but don’t copy the homework.